AnnuAl report 2017

GentinG Berhad
(7916-A)
B

The late Tan Sri Dato’ Seri (Dr) Lim Goh Tong, the Founder of the Genting Group, was born on
28 February 1918 in Anxi, in the Fujian province of China. He was a visionary entrepreneur,
a savvy businessman, a hands-on leader and a responsible and hardworking employer – who never gave
up and worked with passion and determination to realise his dreams. His principles and the values that
he had espoused throughout his lifetime, were simple yet profound.

These values – namely Hard Work, Honesty, Harmony, Loyalty and Compassion, which have always been
embedded in our work culture and business practices, are known collectively as the Genting Core Values.

The Genting Group honours the legacy and

accomplishments of the late Tan Sri Dato’ Seri (Dr)
Lim Goh Tong by celebrating Genting Founder’s Day
every 28 February. The inaugural Founder’s Day
on 28 February 2018 would have been Tan Sri
Dato’ Seri (Dr) Lim Goh Tong’s 100th birthday
anniversary and 10 years since his passing.

“The company would not be where

it is today, if not for our Founder and
his vision,” said Tan Sri Lim Kok Thay,
Chairman and Chief Executive of the
Genting Group.

GENTING BERHAD | ANNUAL REPORT 2017

 “By instilling these core values, the Genting Group will emulate our Founder’s determination and
dedication to achieve the company’s goals and bring the organisation to greater heights.”
Tan Sri Lim Kok Thay - Chairman and Chief Executive, Genting Group

Our culture of hard work , diligence and
commitment enables us to combine long-term
thinking with a mindset of taking quick action
to solve important and urgent operational
problems. We are not afraid of change.
Our Founder believed in the importance of being
diligent and committed. He was eager to learn and be
in the know, setting precedents for others to follow.
He was a hands-on person who was always on site
to supervise projects and to ensure that matters
were dealt with promptly. He worked hard; he rose
early and retired late. A notebook was always by his
bedside, should he need to pen down any ideas that
came to mind.
Success is only complete with an equal measure
of compassion. We at the Genting Group
have a responsibility to give back to society. We
have a deep interest to improve education and
health care. We give generously to make lives
better for others.
Our Founder gave unconditionally and contributed
generously. He was empathetic, put the needs of
others before his and was ever ready to lend a helping
hand. Fondly remembered as highly considerate,
he cared deeply for his employees and was there in
their times of trouble. Such consideration is inherent
in his employees and evident in the way they perform
their duties.

HARD
WORK COMPASSION

CORE
LOYALTY VALUES HARMONY

Through loyalty, we have a sense of

belonging and a sense of allegiance
to our commitments. And it is just as
important to be loyal to the company
and people as it is to one’s family.
Our Founder was loyal to his family,
organisation and his people. He believed
in looking after the well-being and
growth of his employees. He valued his
employees for their commitment and
loyalty and rewarded them justly for their
long service. As a result, his employees
remained loyal to him and the company.
This can be seen in the many long serving
people who are committed to the success
of the Genting Group.
HONESTY
Leadership in honesty and integrity
is important. We must deal with our
customers, partners and employees
in an honest, fair and moral manner.
Our Founder was known and admired
for his dynamic leadership based on
integrity and moral principles, which
formed the basis of his success.
He practised exemplary leadership and
management ethics – traits that are
emulated by the senior management
and staff, which have resulted in Genting
Group companies being ranked among
Asia’s best managed companies.
Harmony in the workplace is key to
success and a high-performance culture.
Teamwork leads to efficiency and
encourages constructive feedback. We
work well together and support one
another. Similarly, we must strive for
harmony in our families and homes.
Our Founder encouraged teamwork towards
achieving goals. He communicated effectively
and provided prompt solutions to achieve
success. He was very involved in his
businesses. Every morning over breakfast
with his staff, he would discuss operations.
He valued people, especially his employees
and their ideas. He also believed in
effective communications and teamwork.
Together with a strong team, he built an
empire.
 about

GENTING
BERHAD
OUR VISION
We are a leading multinational corporation committed to enhancing shareholder value and maintaining long-term
sustainable growth in our core businesses.

OUR MISSION
We will:

• Be responsive to the changing demands of our customers and excel in providing quality products and services

• Be committed to innovation and the adoption of new technology to achieve competitive advantage.

• Pursue personnel policies which recognise and reward performance and contributions of employees and
provide proper training, development and opportunities for career development.

• Generate a fair return to our shareholders.

• Be a responsible corporate citizen, committed to enhancing corporate governance and transparency,

including undertaking social responsibility for the enhancement of the standard of living of the country.

CORPORATE PROFILE
Genting Berhad is principally an investment holding and management company. While the Company was incorporated
in 1968 and listed in 1971, the Genting Group was founded in 1965 when its Founder, the late Tan Sri Lim Goh Tong
started the journey to realise his vision of building a mountaintop resort in Malaysia.

Today, the Genting Group comprises Genting Berhad and its listed subsidiaries; Genting Malaysia Berhad (“Genting
Malaysia”), Genting Plantations Berhad (“Genting Plantations”) and Genting Singapore PLC (“Genting Singapore”),
as well as its wholly owned unlisted subsidiary Genting Energy Limited (“Genting Energy”).

Led by Tan Sri Lim Kok Thay, the Group is involved in leisure and hospitality, oil palm plantations, power generation, oil
and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe,
including in Malaysia (the Group’s country of origin), Singapore, Indonesia, India, China, the United States of America,
Bahamas, the United Kingdom and Egypt. In the core leisure and hospitality business, the Genting Group and its
brand affiliates similarly controlled by Tan Sri Lim Kok Thay (namely Genting Hong Kong Limited [“Genting Hong
Kong”] and Empire Resorts, Inc.), market and offer a suite of products under a number of premier brands including
Genting, Resorts World, Genting Grand, Genting Club, Crockfords, Maxims, Crystal Cruises, Dream Cruises and
Star Cruises. The Genting Group of companies also have tie ups with established names such as Universal Studios®,
Twentieth Century Fox, Premium Outlets®, Hard Rock Hotel, Zouk and other renowned international brand partners.

For more information, please visit the following websites:

www.genting.com
www.gentingmalaysia.com
www.gentingsingapore.com
www.gentingplantations.com
www.gentinghk.com
CONTENTS
Financial Statements:
02 Chairman’s Statement /
89 Income Statements
Penyata Pengerusi / 主席文告
90 Statements of Comprehensive Income
12 Board of Directors
91 Statements of Financial Position
14 Directors’ Profile
92 Statements of Changes in Equity
22 Management & Corporate Information
95 Statements of Cash Flows
24 Group Corporate Structure
98 Notes to the Financial Statements
25 Corporate Diary
195 Statement on Directors’ Responsibility
27 Financial Highlights
195 Statutory Declaration
28 Five-Year Summary
196 Independent Auditors’ Report
29 Management’s Discussion and
Analysis of Business Operations and 202 List of Properties Held
Financial Performance
207 Analysis of Shareholdings/Warrantholdings
33 2017 Highlights
211 Requirements of Nevada Gaming Regulations
52 Awards and Accolades on Genting Berhad and its Shareholders

53 Sustainability Statement 212 Notice of Annual General Meeting

55 Corporate Governance 216 Statement Accompanying Notice of

Overview Statement Annual General Meeting

75 Audit and Risk Management Form of Proxy

Committee Report
Group Offices
78 Statement on Risk Management
and Internal Control Genting Premier Brands

81 Directors’ Report and Statement

by Directors
2
CHAIRMAN’S
STATEMENT

Dear Shareholders,

On behalf of the Board of Directors (“Board”), I am pleased

to present to you the Annual Report and Audited Financial
Statements of Genting Berhad (“Company”) and its group
of companies (“Group”) for the 12 months period ended 31
December 2017.

FINANCIAL OVERVIEW

It has been a resilient year despite the challenges faced by

financial markets and the global economy. All major concerns
that were thought to pose risks to the financial markets
or the major global economies in 2017, thankfully, did not
materialise. Nevertheless, we remain vigilant of economic
and geopolitical developments around the world that could
impact our future performance.

The Malaysian economy grew positively in 2017, registering

year-on-year Gross Domestic Product (“GDP”) growth of
5.9%1 despite weaker consumer sentiment. Internationally,
the United States achieved GDP growth of 2.5%2, China
6.8%3, Indonesia 5.2%4, the United Kingdom 1.5%5 and
Singapore 3.6%6 in 2017, all of which provided firm platforms
for growth of the Group’s businesses across the world. The
Asian gaming and tourism industry showed signs of rebound
in 2017, as a result of good economic growth in the Group’s
main geographic markets.

I am pleased to report that the Group performed well

in the year under review. Group revenue rose by 9% to
RM20.0 billion and Group adjusted earnings before interest,
tax, depreciation and amortisation (“adjusted EBITDA”) rose
by 15% to register RM7.1 billion in 2017.

ENHANCING SHAREHOLDER VALUE

Genting Berhad has consistently paid dividends while

allocating funds for investment and business growth. An
interim single-tier dividend of 8.5 sen per ordinary share
was declared and paid on 6 October 2017. The Board of
Directors has declared a special single-tier dividend of 7.0
sen per ordinary share which will be paid on 3 April 2018,
and also recommended a final single-tier dividend of 6.0 sen
per ordinary share for the approval of shareholders at the
forthcoming 50th Annual General Meeting of the Company.
If approved, the total dividend for 2017 will amount to 21.5
sen per ordinary share. In comparison, the total dividend in
2016 amounted to 12.5 sen per ordinary share.

GENTING BERHAD | ANNUAL REPORT 2017


GENTING CORE VALUES
The principles and values espoused by our beloved Founder,
the late Tan Sri Dato’ Seri (Dr) Lim Goh Tong, namely Hard
Work, Honesty, Harmony, Loyalty and Compassion have
always been embedded in our work culture and business
practices and are known collectively as the Genting Core
Values.
As 28 February 2018 would have been our Founder’s 100th
birthday and 10 years after his passing, it is timely and
fitting that we remember his legacy and his core values
that have proven to be invaluable for the growth and global
expansion of the Genting Group. By celebrating Founder’s
Day every February 28th, we humbly remind ourselves that
these values are wise and enduring, reliable and proven.
KEY BUSINESS OPERATIONS
Genting Singapore
Resorts World Sentosa continues to be the leader in
Singapore’s leisure and entertainment landscape. A
significant contributor to Singapore’s tourism industry,
the resort attracted more than 20 million visitors from
the region and beyond. It was named Best Integrated
Resort for the seventh consecutive year at the Travel
Trade Gazette Travel Awards 2017, further cementing
its position as the key leisure destination in Asia Pacific.
The attractions in Resorts World Sentosa are some of the
best in Asia. Universal Studios Singapore was named No.
1 Amusement Park in Asia for the fourth consecutive year
by TripAdvisor while its marquee event, Halloween Horror
Nights, was named the Best Leisure Event at Singapore
Tourism Awards for the third consecutive year in 2017.
Universal Studios Singapore and S.E.A. Aquarium achieved
new milestones, welcoming their 25 millionth visitor and 10
millionth visitor in the first quarter 2017 respectively. The
Maritime Experiential Museum, Asia’s only maritime Silk
Road themed attraction, was reopened during the year,
featuring exciting new exhibits and entertainment content.
A novel new Japanese fine dining restaurant, TEPPAN by
Chef Yonemura opened its doors in 2017.
Genting Malaysia
Resorts World Genting in Malaysia was awarded the Most
Popular Tourist Attraction at the Red Coral Award of Asia
Tourism in China and the Gold Award for Theme Park/
Family Attraction, accorded by Reader’s Digest Trusted
Brands Asia in 2017. Genting Malaysia won the Gold Award
for Outstanding Tourism Achievement at the Malaysia
Tourism Council Gold Awards 2017.
1 Department of Statistics, Malaysia 2 Bureau of Economic Analysis, USA
4 BPS-Statistics Indonesia 5 Office of National Statistics, UK
CHAIRMAN’S STATEMENT 3
More new facilities and attractions under the Genting
Integrated Tourism Plan were opened in 2017. Genting
Highlands Premium Outlets, the first hilltop shopping
destination of its kind in Southeast Asia was opened in
June 2017, offering over 150 shops and designer brands.
New attractions were introduced in SkyAvenue during the
year, including an additional level in September 2017 to
cater to the mid to premium market of shoppers and diners.
The new Crockfords Hotel - a 137-room premium hotel
with 18 uniquely themed suites and the newly refurbished
Theme Park Hotel targeting large families and groups were
launched in 2017. These new attractions were well received
and helped Resorts World Genting to register 23.6 million
visitors in 2017, an increase of 17% over the previous year.
The much-awaited 20th Century Fox World Theme Park is
targeted to open by end of 2018 and will enable Resorts
World Genting to provide a wholesome entertainment
experience for all visitors.
Genting Malaysia’s operations in the United Kingdom have
remained resilient despite the increasingly challenging
operating environment. While tough operating conditions
are expected to linger in 2018, our team will power on to
improve business efficiencies and deliver sustainable
performance to strengthen our position in the United
Kingdom. The performance of Resorts World Birmingham
has been encouraging with improved revenue and visitation
registered in 2017.
Resorts World Casino New York City continued to perform
commendably in its sixth year of operation in 2017.
Operating close to 6,000 video gaming machines at its
property, it is the leading operator in the Northeast United
States’ market, despite growing regional competition. As
part of Genting Malaysia’s strategy to grow its business
in the United States, Resorts World Casino New York City
broke ground on a USD400 million expansion in July 2017.
Targeted to complete by end of 2019, this development
will include new attractions such as a 400-room hotel,
additional gaming space and a myriad of food and beverage,
retail and entertainment offerings.
In the Bahamas, the ongoing cost rationalisation measures
initiated by Genting Malaysia at Resorts World Bimini
have yielded encouraging results, as evidenced by the
narrowing losses reported from the property. The team in
Resorts World Bimini will continue to strive and improve
operational efficiencies and focus on marketing efforts to
increase visitations to the resort.
3 National Bureau of Statistic of China
6 Department of Statistics, Singapore
ANNUAL REPORT 2017 | GENTING BERHAD
4 CHAIRMAN’S STATEMENT
Resorts World Las Vegas
In Las Vegas, property development picked up
substantially in 2017. Our resort property is a choice site,
located directly across the Las Vegas Convention expansion
being developed by the local authority. Our team in Las
Vegas continues to work closely with the local authorities,
contractors and suppliers and over USD600 million in
construction contracts were awarded in 2017. We will be
hiring and creating more jobs for the local community
and contributing to the rapidly growing level of economic
activity in Las Vegas as our development works progress.
Our aim is to open the first attractions and facilities of
Resorts World Las Vegas by the end of 2020.
Genting Plantations
Genting Plantations has successfully integrated
downstream with the commencement of the new
600,000-metric tonne palm oil refinery in Lahad Datu,
Sabah. Our Plantation Division has further expanded in
Indonesia, following the acquisition of an 85% equity stake
in a plantation company with a landbank of 19,212 hectares
and a 60-metric tonne per hour oil mill in South Kalimantan.
Overall, Genting Plantations has over 247,600 hectares
of landbank spanning across Malaysia and in Kalimantan,
Indonesia, with a total of 11 oil mills. Oil palm remains by
far the most productive edible oil crop. Our research and
development efforts in biotechnology will further enhance
the potential of this golden crop.
I am pleased to inform the opening of Genting Highlands
Premium Outlets, the second under Genting Plantations’
joint venture with U.S.-based Simon Property Group after
Johor Premium Outlets. Genting Highlands Premium
Outlets is the first of its kind in the world, on account of
its hilltop location in Genting Highlands, placing it firmly
on the list of attractions that encompasses Resorts World
Genting. This new retail landmark has outperformed
expectations within its first six months of operations
and is expected to expand Genting Plantations’ footprint
alongside Johor Premium Outlets.
Genting Energy
Genting Energy’s two new power plants successfully
achieved full commercial operations in 2017, namely the
55%-owned 660 megawatt supercritical coal-fired power
plant (Phase I) in Banten, Indonesia in March 2017 and
49%-owned 2x1,000 megawatt ultra-supercritical power
plant (Phase II ) in Meizhou Wan, Fujian, China in September
2017. The Banten power plant (Phase I) has achieved
more than 90% availability since the commencement of
its commercial operations. We expect continued positive
contributions from both power plants in 2018.
GENTING BERHAD | ANNUAL REPORT 2017
Our oil and gas team has submitted the Plan of
Development for the Asap-Kido-Merah discoveries in the
Kasuri concession, Indonesia and approval of this plan by
the Indonesian government is targeted by 2018.
LIFE SCIENCE AND BIOTECHNOLOGY INVESTMENTS
Our life science and biotechnology investments such as
TauRx Pharmaceuticals Ltd, Genting TauRx Diagnostic
Centre Sdn Bhd and Cortechs Labs, Inc. are involved in
research and development that could provide results that
positively impact human lives in the future.
The Genting Group is committed to support scientists
and researchers who are looking into the causes of neuro-
degenerative diseases like dementia and working hard to
find a cure. However, such cutting-edge research takes time.
Until we have a cure, people with dementia, their families
and caregivers need help and support. For this reason and
as part of our corporate social responsibility to care for
the sick and less fortunate, the Genting Group has been in
discussion to establish a Dementia Care Centre that would
see the involvement of scientists, medical researchers and
experts in this field from University of Malaya. We hope the
centre will contribute to a better understanding and help
solve the growing problems of dementia.
CAPITAL AND FUNDING
During the year, our Company through its wholly owned
subsidiaries made two issuances of 4.25% guaranteed
notes (“Notes”) due 2027 totalling USD1.5 billion,
comprising USD1 billion Notes issued in January 2017 and
USD500 million Notes issued in October 2017. The Notes
are listed on the Stock Exchange of Hong Kong Limited. The
funds raised from these Notes will strengthen our financial
position and provide greater flexibility in managing our
cash flows which include investments for the development
of Resorts World Las Vegas.
Our listed subsidiaries have also raised funds from the
bond market in 2017. Genting Malaysia has successfully
issued RM1.25 billion nominal amount of 5-year 4.78%
Guaranteed Medium Term Notes (“MTN”), RM1.1 billion
nominal amount of 10-year 4.98% MTN and RM0.25 billion
nominal amount of 15-year 5.20% MTN, mainly to finance
the development of the Genting Integrated Tourism Plan at
Resorts World Genting.
Genting Singapore has successfully raised ¥20.0 billion
in a maiden JPY-denominated Samurai bond in October
2017, following the establishment of its Japan branch
office, in anticipation of its proposed bidding for the Japan
Integrated Resort. The funds are earmarked to support its
corporate activities in Japan including preparatory works in
anticipation of the passage of the Japan Integrated Resort
Execution Bill and bidding for gaming licenses in Japan.

SUSTAINABILITY REPORTING
The Board is committed to uphold the principles of
sustainable development and responsible business
practices of our Group. Our sustainability journey is
guided by five sustainability pillars, namely maintaining
the integrity of our assets; regulatory compliance;
corporate culture, branding and reputation; leadership
and succession planning and community care which we
believe are fundamental to deliver sustainable returns and
enhance shareholders’ value in the long term. The executive
summary of our sustainability journey is disclosed in this
Annual Report and the full report can be found on our
corporate website.
MOVING FORWARD
We are cautiously optimistic on the global economic
prospects for 2018. While our business strategies
incorporate risk management and sustainability practices
to ensure business continuity, one can never predict the
unforeseeable.
Therefore, we will always remain vigilant of the
developments that could affect our local and global
economies and impact our businesses. We will continue to
work diligently to ensure our existing businesses remain
strong, while keeping the development of new projects on
track.
No matter how challenging things may be, I will continue
to guide and lead my team to deliver the best performance
possible for Genting Berhad.
CHAIRMAN’S STATEMENT 5
APPRECIATION
On behalf of the Board of Directors, I would like to welcome
Madam Koid Swee Lian, who was appointed as a director
of the Company in November 2017. Her diverse expertise,
knowledge and experience will add value to the Board
in decision-making and in upholding good corporate
governance standards.
My appreciation is extended to all Board members for their
invaluable counsel and guidance to the Group.
I wish to thank our stakeholders, especially valued
shareholders, regulatory authorities, governing agencies,
business partners, customers and suppliers, as well
as our management and employees for your steadfast
support, loyalty and cooperation throughout the years.
I look forward to your continued support as we continue the
journey of greater success and excellence for Genting.
Thank you.
TAN SRI LIM KOK THAY
Chairman and Chief Executive
27 February 2018
ANNUAL REPORT 2017 | GENTING BERHAD
6
PENYATA
PENGERUSI
Kepada Para Pemegang Saham yang Dihargai,
Bagi pihak Lembaga Pengarah (“Lembaga”), saya dengan
sukacitanya membentangkan Laporan Tahunan dan
Penyata Kewangan Beraudit Genting Berhad (“Syarikat”)
dan kumpulan syarikat-syarikatnya (“Kumpulan”) untuk
tempoh 12 bulan yang berakhir 31 Disember 2017.
GAMBARAN KEWANGAN
Tahun ini merupakan satu tahun yang mantap walaupun
berdepan dengan cabaran yang dihadapi oleh pasaran
kewangan dan ekonomi global utama. Semua kebimbangan
utama yang diandaikan akan menimbulkan risiko kepada
pasaran kewangan atau ekonomi global utama pada 2017,
mujurnya, tidak menjadi kenyataan. Walau bagaimanapun,
kami tetap waspada terhadap perkembangan ekonomi
dan geopolitik di seluruh dunia yang boleh memberi kesan
kepada prestasi masa depan kami.
Ekonomi Malaysia meningkat secara positif pada tahun
2017, mencatat pertumbuhan Keluaran Dalam Negara
Kasar (“KDNK”) tahun ke tahun sebanyak 5.9%1 meskipun
sentimen pengguna lebih lemah. Di peringkat antarabangsa,
Amerika Syarikat telah mencapai pertumbuhan KDNK
sebanyak 2.5%2, China 6.8%3, Indonesia 5.2%4, United
Kingdom 1.5%5 dan Singapura 3.6%6 pada tahun 2017,
kesemuanya menyediakan platform kukuh untuk
pertumbuhan perniagaan Kumpulan di seluruh dunia.
Industri kasino dan pelancongan Asia menunjukkan tanda-
tanda pemulihan pada tahun 2017, berikutan pertumbuhan
ekonomi yang baik di lokasi pasaran utama Kumpulan.
Saya dengan sukacitanya melaporkan bahawa Kumpulan
telah menunjukkan prestasi yang baik dalam tahun tinjauan.
Pendapatan Kumpulan meningkat sebanyak 9% ke RM20.0
bilion, dan pendapatan terlaras Kumpulan sebelum faedah,
cukai, susut nilai dan pelunasan (“EBITDA diselaraskan”)
meningkat sebanyak 15% untuk mencatatkan RM7.1 bilion
pada 2017.
MEMPERTINGKATKAN NILAI PEMEGANG SAHAM
Genting Berhad secara konsisten telah membayar dividen
dan pada masa yang sama memperuntukkan dana untuk
pelaburan dan pertumbuhan perniagaan. Dividen interim
seperingkat sebanyak 8.5 sen setiap saham biasa telah
diluluskan dan dibayar pada 6 Oktober 2017. Lembaga
Pengarah kami telah mengisytiharkan dividen seperingkat
khas sebanyak 7.0 sen setiap saham biasa yang akan
dibayar pada 3 April 2018, dan juga mencadangkan dividen
seperingkat akhir sebanyak 6.0 sen setiap saham biasa
untuk kelulusan para pemegang saham pada Mesyuarat
Agung Tahunan Syarikat ke-50 yang akan datang. Sekiranya
diluluskan, dividend untuk 2017 akan berjumlah 21.5 sen
setiap saham biasa. Sebagai perbandingan, dividen untuk
2016 berjumlah 12.5 sen setiap saham biasa.
1 Jabatan Perangkaan Malaysia 2 Biro Analisis Ekonomi, Amerika Syarikat
4 Badan Pusat Statistik Indonesia 5 Pejabat Statistik Kebangsaan, UK
GENTING BERHAD | ANNUAL REPORT 2017
NILAI-NILAI TERAS GENTING
Prinsip-prinsip dan nilai-nilai teras yang dipegang oleh
mendiang Tan Sri Dato’ Seri (Dr) Lim Goh Tong, Pengasas
kami yang tercinta, iaitu Rajin, Jujur, Harmoni, Setia dan
Belas Kasihan sentiasa dipupuk dalam budaya kerja dan
amalan perniagaan kami dan kini dikenali secara kolektif
sebagai Nilai-nilai Teras Genting.
28 Februari 2018 merupakan ulang tahun kelahiran
mendiang yang ke-100 dan 10 tahun selepas pemergian
beliau. Adalah tepat masanya bagi kita memperingati
legasi dan nilai-nilai teras beliau yang terbukti amat tinggi
nilainya untuk pertumbuhan dan perkembangan sedunia
Kumpulan Genting. Sebagai tanda penghormatan, kami
akan meraikan Hari Pengasas pada 28 Februari setiap
tahun, serta dengan rendah hati mengingati bahawa nilai-
nilai tersebut adalah bijaksana, berkekalan, berintegriti
tinggi dan terbukti.
OPERASI PERNIAGAAN UTAMA
Genting Singapore
Resorts World Sentosa kekal menjadi peneraju dalam
landskap hiburan dan keraian Singapura. Sebagai
penyumbang utama industri pelancongan Singapura,
resort ini telah menarik jumlah kunjungan lebih daripada
20 juta pelawat dari rantau ini dan seterusnya. Ia dinamakan
Pusat Resort Integrasi yang Terbaik untuk tahun ketujuh
berturut-turut di Anugerah Travel Trade Gazette 2017,
mengukuhkan kedudukannya sebagai destinasi percutian
yang unggul di Asia Pasifik. Tempat-tempat tarikan di
Resorts World Sentosa adalah antara yang terbaik di
Asia. Universal Studios Singapore kekal menerajui Taman
Hiburan No. 1 di Asia untuk kali keempat berturut-turut,
seperti yang disahkan oleh TripAdvisor manakala acara
utamanya, Halloween Horror Nights, telah dinamakan Acara
Keriaan Terbaik di Anugerah Pelancongan Singapura untuk
tahun ketiga berturut-turut pada 2017. Universal Studios
Singapore dan S.E.A. Akuarium memperolehi pencapaian
baru, dengan menyambut pengunjung ke-25 juta dan
pelawat ke-10 juta masing-masing pada suku pertama
2017. Maritime Experiential Muzium, satu-satunya daya
tarikan maritim di Asia yang bertema Laluan Sutera, telah
dibuka semula pada 2017 dengan pameran-pameran dan
isi kandungan hiburan yang baru dan menarik. TEPPAN by
Chef Yonemura, sebuah restoran Jepun yang baru, mewah
dan unik telah dibuka pada 2017.
Genting Malaysia
Resorts World Genting di Malaysia telah dianugerahkan
Destinasi Pelancong Yang Paling Popular di Anugerah Red
Coral of Asia Tourism di China dan Anugerah Emas untuk
Taman Tema/Tarikan Keluarga oleh Reader’s Digest Trusted
Brand Asia pada 2017. Genting Malaysia telah memenangi
Anugerah Emas untuk Pencapaian Pelancongan Cemerlang
di Anugerah Emas Majlis Pelancongan Malaysia 2017.
3 Biro Statistik Nasional China
6 Jabatan Perangkaan, Singapura

Lebih banyak kemudahan-kemudahan dan daya tarikan
baru di bawah Pelan Pelancongan Bersepadu Genting
telah dibuka pada 2017. Genting Highlands Premium
Outlets, iaitu destinasi membeli-belah di puncak bukit
yang pertama di Asia Tenggara telah dibuka pada Jun 2017,
menawarkan lebih daripada 150 kedai-kedai dan jenama-
jenama terkenal. Daya tarikan baru yang diperkenalkan di
SkyAvenue, termasuk tingkat tambahan yang diperkenalkan
pada September 2017 untuk menampung pasaran pembeli
dan pengunjung peringkat pertengahan hingga premium.
Hotel baru, Crockfords Hotel - hotel premium dengan 137
bilik dan 18 suite bertema unik dan Theme Park Hotel
yang baru diperbaharui untuk menampung keluarga dan
rombongan pengunjung yang besar telah dilancarkan
pada 2017. Kesemua daya tarikan baru ini telah menerima
sambutan yang baik dan membantu Resorts World Genting
mencatatkan sejumlah 23.6 juta pelawat pada 2017,
peningkatan sebanyak 17% berbanding tahun sebelumnya.
Taman Tema 20th Century Fox World yang ditunggu-
tunggu, disasarkan akan dibuka menjelang akhir 2018 dan
akan membolehkan Resorts World Genting menyediakan
pengalaman hiburan yang sempurna untuk semua pelawat.
Operasi-operasi Genting Malaysia di United Kingdom
kekal kukuh walaupun persekitaran operasinya semakin
mencabar. Meskipun suasana operasi yang mencabar
dijangka akan berterusan pada 2018, pasukan kami
akan berusaha untuk meningkatkan kecekapan
perniagaan untuk mencapai prestasi yang mampan
demi mengukuhkan kedudukan kami di United Kingdom.
Resorts World Birmingham mencatatkan prestasi
yang memberangsangkan, mencatatkan peningkatan
pendapatan dan para pengunjung yang lebih tinggi pada
2017.
Resorts World Casino New York City kekal mencatatkan
prestasi yang baik dalam tahun keenam operasinya
pada 2017. Mengendalikan hampir 6,000 mesin-mesin
permainan kasino video di hartanahnya, ia merupakan
pengendali utama di pasaran Timur Laut Amerika Syarikat,
walaupun persaingan serantau semakin meningkat.
Sebagai sebahagian daripada strategi Genting Malaysia
untuk mengembangkan usahanya di Amerika Syarikat,
Resorts World Casino New York City telah memulakan kerja
pengembangan di tempatnya pada Julai 2017, dengan kos
nilai USD400 juta. Disasarkan untuk siap pada penghujung
2019, pembangunan ini termasuklah pelbagai daya tarikan
baru seperti hotel dengan 400 buah bilik, penambahan
ruang kasino serta pelbagai kedai makanan dan minuman,
tempat beli-belah dan pusat hiburan.
Di Bahamas, langkah-langkah rasionalisasi kos yang
dilaksanakan oleh Genting Malaysia di Resorts World
Bimini telah memberi hasil yang menggalakkan dengan
penurunan kerugian yang dicatatkan oleh hartanah
tersebut. Pasukan di Resorts World Bimini akan terus
berusaha untuk meningkatkan kecekapan operasi dan
memberi tumpuan kepada usaha pemasaran untuk
meningkatkan jumlah pengunjungan ke resort.
Resorts World Las Vegas
Di Las Vegas, aktiviti-aktiviti pembangunan projek
telah meningkat dengan ketara pada 2017. Resort
kami adalah lokasi pilihan yang baik berhadapan
Pusat Konvensyen Las Vegas lampiran baru yang
sedang dibangunkan oleh pihak berkuasa tempatan.
PENYATA PENGERUSI 7
Pasukan kami di Las Vegas terus bekerjasama rapat
dengan pihak berkuasa tempatan, kontraktor-kontraktor
dan para pembekal dan lebih daripada USD600 juta dalam
kontrak pembinaan telah dianugerahkan pada 2017. Kami
akan mengupah lebih ramai orang dan mewujudkan lebih
banyak peluang pekerjaan untuk masyarakat tempatan
dan menyumbang kepada tahap aktiviti ekonomi Las Vegas
yang pesat berkembang sewaktu kerja-kerja pembangunan
dijalankan. Matlamat kami adalah untuk melancarkan daya
tarikan dan fasiliti-fasiliti Resorts World Las Vegas yang
terdahulu, menjelang penghujung 2020.
Genting Plantations
Genting Plantations telah berjaya mengintegrasi operasi
hiliran dengan operasi kilang penapisan minyak sawit
600,000 tan metrik baru yang bermula di Lahad Datu,
Sabah. Bahagian Perladangan kami terus berkembang di
Indonesia, berikutan pemerolehan 85% kepentingan ekuiti
dalam sebuah syarikat perladangan yang mempunyai hak
milik untuk penanaman sebanyak 19,212 hektar tanah dan
sebuah kilang minyak dengan hasil kapasiti 60 tan metrik
per jam di Kalimantan Selatan. Secara keseluruhan,
Genting Plantations mempunyai ladang tanah melebihi
247,000 hektar yang merangkumi seluruh Malaysia dan
Kalimantan, Indonesia, dengan jumlah 11 kilang penapisan
minyak sawit. Kelapa sawit masih kekal sebagai tanaman
minyak makanan yang paling produktif. Usaha penyelidikan
dan pembangunan kami dalam bioteknologi dijangka akan
terus meningkatkan potensi “tanaman emas” ini.
Saya dengan sukacitanya memaklumkan pembukaan
Genting Highlands Premium Outlets, iaitu hartanah usaha
sama yang kedua oleh Genting Plantations dengan Simon
Property Group yang berasas dari Amerika Syarikat,
selepas Johor Premium Outlets. Genting Highlands
Premium Outlets adalah yang pertama seumpamanya
di dunia, berdasarkan lokasi bukit di Genting Highlands,
meletakkannya dalam senarai tarikan yang merangkumi
Resorts World Genting. Pusat beli-belah mercu tanda baru
ini telah mengatasi prestasi dalam tempoh enam bulan
pertama beroperasi dan bersama-sama Johor Premium
Outlets, dijangka akan mengembangkan jejak Genting
Plantations dalam usaha niaga ini.
Genting Energy
Dua loji janakuasa baru Genting Energy telah mencapai
operasi komersial penuh pada 2017, iaitu Fasa I loji
janakuasa arang batu superkritikal 660 megawatt di
Banten, Indonesia dengan 55% pemilikan pada bulan Mac,
dan Fasa II loji janakuasa arang batu ultra superkritikal
2x1,000 megawatt di Meizhou Wan, Fujian, China dengan
49% pemilikan pada bulan September. Fasa I loji janakuasa
Banten telah mencapai tahap ketersediaan lebih daripada
90% sejak operasi komersialnya bermula. Sumbangan
positif yang berterusan dianggarkan daripada kedua-dua
loji janakuasa tersebut pada 2018.
Pasukan minyak dan gas kami telah mengemukakan Pelan
Pembangunan bagi kawasan-kawasan penemuan Asap-
Kido-Merah dalam konsesi Kasuri, Indonesia dan kelulusan
pelan ini oleh kerajaan Indonesia disasarkan pada tahun
2018.
ANNUAL REPORT 2017 | GENTING BERHAD
8 PENYATA PENGERUSI
PELABURAN SAINS HAYAT DAN BIOTEKNOLOGI
Pelaburan sains hayat dan bioteknologi kami seperti
TauRx Pharmaceuticals Ltd, Genting TauRx Diagnostic
Centre Sdn Bhd and Cortechs Labs, Inc. terlibat dalam
penyelidikan dan pembangunan yang dapat memberi hasil
impak positif kepada kehidupan manusia pada masa akan
datang.
Kumpulan Genting berkomited untuk menyokong para
ahli sains dan penyelidik yang menyelidiki punca-punca
penyakit-penyakit degeneratif seperti demensia dan gigih
bekerja untuk mencari penawar. Namun, penyelidikan yang
canggih sedemikian memerlukan masa. Sehingga penawar
dapat ditemui, pesakit demensia, keluarga dan penjaga
mereka memerlukan bantuan dan sokongan. Oleh itu,
sebagai sebahagian tanggungjawab social korporat kami
untuk menjaga golongan yang sakit dan kurang bernasib
baik, Kumpulan Genting telah berbincang lanjut untuk
menubuhkan Pusat Penjagaan Demensia, yang melibatkan
pakar saintis, para penyelidik dan pakar perubatan dalam
bidang tersebut dari Universiti Malaya. Kami berharap
pusat tersebut dapat menyumbang kepada pemahaman
yang lebih baik dan membantu menyelesaikan masalah
demensia yang semakin meningkat.
MODAL DAN DANA
Pada tahun dalam tinjauan, Syarikat kami melalui anak-
anak syarikat milik penuhnya telah menerbitkan dua nota
jaminan 4.25% (“Nota”) sehingga 2027 berjumlah USD1.5
bilion, yang terdiri daripada USD1 bilion Nota yang diterbit
pada Januari 2017 dan USD500 juta Nota yang diterbit
pada Oktober 2017. Nota-nota ini disenaraikan di Bursa
Saham Hong Kong Limited. Dana yang diperolehi daripada
Nota-nota tersebut akan mengukuhkan lagi kedudukan
kewangan kami dan memberi lebih fleksibiliti dalam
menguruskan aliran tunai kami, yang termasuk pelaburan
pembangunan Resorts World Las Vegas.
Anak-anak syarikat kami yang tersenarai juga telah
mengumpul dana dari pasaran bon pada 2017. Genting
Malaysia telah berjaya menerbitkan RM1.25 bilion nominal
5 tahun 4.78% Nota-nota Terma Sederhana Terjamin
(“MTN”), RM1.1 bilion nominal 10 tahun 4.98% MTN dan
RM0.25 bilion nominal 15 tahun 5.20% MTN, terutamanya
untuk membiayai pembangunan Pelan Pelancongan
Bersepadu Genting di Resorts World Genting.
Genting Singapura telah berjaya mengumpul ¥20.0
bilion dalam bon Samurai berdenominasi Jepun yang
sulung pada Oktober 2017, berikutan penubuhan pejabat
cawangannya di Jepun, untuk cadangan pembidaan Resort
Bersepadu Jepun. Dana tersebut diperuntukkan untuk
menyokong aktiviti-aktiviti korporatnya di Jepun termasuk
kerja-kerja persediaan menanti kelulusan Undang-undang
Pelaksanaan Resort Bersepadu Jepun dan pembidaan
untuk lesen-lesen kasino di Jepun.
GENTING BERHAD | ANNUAL REPORT 2017
PELAPORAN KELESTARIAN
Lembaga Pengarah komited untuk menegakkan prinsip-
prinsip pembangunan lestari dan amalan perniagaan yang
bertanggungjawab dalam Kumpulan kami. Perjalanan
kelestarian kami berpandukan lima tonggak kelestarian,
iaitu pengekalan integriti aset kami; pematuhan kawal
selia; pengurusan budaya, penjenamaan dan reputasi
korporat; kepimpinan dan perancangan kesinambungan
serta keprihatinan masyarakat yang kami percaya adalah
asas untuk memberikan pulangan yang mampan dan
meningkatkan nilai para pemegang saham dalam jangka
masa panjang. Ringkasan perjalanan kelestarian kami
dilaporkan dalam Laporan Tahunan ini dan laporan penuh
boleh didapati di laman web korporat kami.
MELANGKAH KE DEPAN
Kami optimistik serta berhati-hati dengan prospek
ekonomi global pada 2018. Walaupun strategi perniagaan
kami menggabungkan pengurusan risiko dan amalan
kemampanan untuk memastikan kesinambungan
perniagaan, tiada siapa boleh meramalkan sesuatu yang
tidak diduga. Oleh itu, kami akan sentiasa berwaspada
terhadap perkembangan yang boleh menjejaskan ekonomi
tempatan dan global yang boleh memberi kesan kepada
perniagaan kami. Kami akan terus berusaha dengan gigih
untuk memastikan perniagaan kami tetap kukuh, sambil
mengekalkan perkembangan projek-projek baru. Tidak
kira betapa mencabarnya keadaan tersebut, saya akan
terus membimbing dan menerajui pasukan saya untuk
menyampaikan prestasi yang sebaik mungkin untuk
Genting Berhad.
PENGHARGAAN
Bagi pihak Lembaga Pengarah telah saya ingin mengalu-
alukan Madam Koid Swee Lian, yang telah dilantik
sebagai pengarah Syarikat pada November 2017.
Kepakaran, pengetahuan dan pengalamannya yang luas
akan menambah nilai kepada Lembaga dalam membuat
keputusan dan menegakkan piawaian tadbir urus korporat
yang baik.
Saya ingin merakamkan penghargaan kepada semua ahli
Lembaga kami ke atas nasihat dan bimbingan mereka yang
amat tinggi nilainya kepada Kumpulan.
Saya juga ingin merakamkan penghargaan kepada semua
pihak berkepentingan kami, terutamanya para pemegang
saham, pihak kerajaan, agensi pentadbiran, rakan
perniagaan, para pelanggan dan para pembekal serta pihak
pengurusan dan para pekerja kami di atas sokongan teguh,
kesetiaan dan kerjasama anda selama ini.
Semoga dengan sokongan anda yang berterusan, kami
akan terus mencapai kejayaan dan kecemerlangan yang
lebih unggul untuk Genting.
Terima kasih.
TAN SRI LIM KOK THAY
Pengerusi dan Ketua Eksekutif
27 Februari 2018

亲爱的股东,
本人谨代表董事部欣然向诸位提呈云顶集团(以下简称“本公司”)
及其集团公司(简称“本集团”)截至2017年12月31日止12个月(简
称“2017财政年度”)之年报和经审计财务报表。
财务概览
尽管金融市场和全球经济面临挑战，云顶集团仍是表现坚韧的一
年。值得庆幸的是，在2017财政年度充斥金融市场和全球经济的
所有主要焦虑，并没有发生。尽管如此，我们仍然对足以影响我
们未来表现的全球经济和地缘政治发展课题保持警惕。
虽然消费者情绪较弱，马来西亚经济在2017年仍取得正面成长，
其国内生产总值(简称“GDP”)按年成长率为5.9%1。而全球在2017
年度的国内生产总价值表现不俗并为云顶集团的海外营业提供稳
健成长的平台；美国GDP年均增长率为2.5% 2，中国为6.8% 3，
印尼为5.2%4，英国为1.5%5，及新加坡为3.5%6。本集团在主要
的地理市场呈现正面经济成长的表现正显示着亚洲的博彩与旅游
业在2017年有着复兴的现象。
我欣然地报告，本集团在回顾年度表现良好。本集团收入成长为9%，
达到200亿令吉，而本集团的扣除利息、税务、折旧和摊销前的
经调整盈利(简称为“经调整EBITDA”)提升15%，在2017取得71亿
令吉。
增强股东价值
云顶集团持续支付股息，同时分配资金用作投资和资助业务成
长。集团派发每一普通股8.5仙的中期单层股息经获批准，并已于
2017年10月6日支付。董事部宣布将特别派发每一普通股7.0仙
的单层股息，将于2018年4月3日支付；并建议派发每一普通股
6.0仙的终期单层股息，将于本公司即将举行的第50届年度股东
大会上寻求股东通过。一旦获得批准，2017年支付的总股息将
为每一普通股21.5仙。与2016年相比，每一普通股总派发股息为
12.5仙。
云顶核心价值观
云顶集团创办人丹斯里拿督斯里林梧桐博士生前秉持一生的理
念，即勤奋、诚信、和谐、忠诚与关爱; 牢牢嵌入于本集团的工作
文化与商业惯例, 并已列为云顶核心价值观。
2018年2月28日既是丹斯里的百岁冥诞也恰好是他逝世十周年纪
念，及时和合适地展现了以云顶集团秉持创始人乐善好施的精神
和核心价值观为集团成功达成目标并带领集团迈向国际发展。藉
着每年2月28日的“创办人日”，我们谦卑地提醒自己，要牢记这些
价值观是睿智而经久不衰、可靠且经得起考验的。
1 马来西亚统计局 2 美国经济分析局
4 印度尼西亚统计局 5 英国国家统计署
主席 9
文告
主要商业营业
云顶新加坡
圣淘沙名胜世界持续带领着新加坡休闲与旅游业前进。该度假胜
地成功吸引到2千万名本地与外国游客到访，此举为新加坡旅游业
带来巨大的贡献。圣淘沙名胜世界更在于2017年连续第七年荣获
TTG旅游大奖颁予的“最佳综合式度假村”，并巩固我们在亚太地区
旅游胜地的重要位置。淘沙名胜世界有着亚洲数一数二的景点。
新加坡环球影城主题乐园获TripAdvisor认可，连续第四年成为亚
洲第一名的游乐园，而我们年度盛举活动，新加坡环球影城万圣
节惊魂夜于2017年连续第三年荣获新加坡旅游奖颁发的“最佳休
闲活动”。新加坡环球影城主题乐园与S.E.A.海洋馆于2017年第一
季度各迎接了2千5百万和1千万名游客，并重新改写新的里程碑。
海事博物馆，亚洲唯一的丝绸之路的主题景点即将在本年度以全
新的主题展区与娱乐体验重点开启。一家以精致现代佳肴为主打
的日本餐厅，米铁板(TEPPAN by Chef Yonemura) 已于2017年
迎接第一批客人。
云顶马来西亚
马来西亚云顶世界于2017年荣获中国“亚洲旅游红珊瑚奖—最受
欢迎旅游景点”，以及《读者文摘》亚洲最受信赖品牌的“主题公
园／家庭景点金奖”。云顶马来西亚荣获2017年马来西亚旅游理事
会金奖的“卓越旅游成就金奖”。
在云顶综合旅游计划下，更多新的设施与景点于2017年逐步开
放。东南亚首座位于山上的购物商城—云顶高原名牌折扣购物中
心于2017年6月开张营业，汇集超过150家商店和设计师品牌。
时尚广场—云天大道(SkyAvenue)于同年推介新景点，包括于9
月份增加额外楼层，以迎合中高档购物者与食客的需求。全新面
貌且设有137间上等客房，包括18间独特主题套房的康乐福酒店
(Crockfords Hotel)，以及适合大型家庭与团体住客的丽园酒店
(Theme Park Hotel)全面翻新后，皆于2017年推介。这些新景点
深受欢迎，助云顶世界于2017年吸引了2千360万名游客，比前一
年增加了17%。众所期待的云顶20世纪福斯世界主题乐园预计于
2018年杪开张，可让云顶世界为全体游客提供有益身心的娱乐体
验。
尽管营运环境日益挑战，云顶马来西亚在英国的业务仍保持坚
韧。由于预计2018年将继续面对艰难的营运环境，我们的团队将
全力以赴改善经营效率，力求交付可永续经营的业绩表现，以巩
固我们在英国的地位。伯明翰云顶世界于2017年的表现令人鼓
舞，收入与游客人数都有所增长。
3 中华人民共和国国家统计局
6 新加坡统计局
ANNUAL REPORT 2017 | GENTING BERHAD
10 主席文告

纽约市云顶世界赌场于2017年晋入第六年度运作，业绩表现持续 我们印尼的石油与天然气团队已呈交在Kasuri特许开採权下，
令人赞赏。即使面对日益激烈的区域性竞争，该赌场拥有近6,000 进行Asap-Kido-Merah的开发计划书，预计可于2018年获得印
台视频游戏机，是美国东北部市场数一数二的赌场业者。配合云 尼政府当局批准。
顶马来西亚要壮大美国业务的策略，纽约市云顶世界赌场于2017
年7月为4亿美元的扩建工程进行动土礼。这项发展项目将包括新 生命科学与生物科技投资
的景点，例如有400间客房的酒店，额外的博彩空间，以及综合饮
食、零售购物与娱乐的场所，并预计于2019年下半年竣工。
随着科学与科技日益昌明，我们对生命科学领域的投资前景和潜能
感到雀跃。我们的其中一些投资，如TauRx Pharmaceuticals Ltd、
在巴哈马，云顶马来西亚对比米尼云顶世界进行持续的成本合理
Genting TauRx Diagnostic Centre Sdn Bhd 和 Cortechs Labs, Inc.
化计划，有着令人鼓舞的成绩，并使此业务的亏损已有所缩减。
参与的研究和开发，将可对人类未来的生活产生正面影响与成果。
比米尼云顶世界的团队将继续致力于改善营运效率，专注于行销
努力，以积极吸引更多游客到访该度假胜地。
云顶集团致力于支持科学家和研究人员针对神经退行性疾病如
失智症的病源研究与治疗。尽管这类型尖端的开发与研究将是
拉斯维加斯云顶世界
耗费时间的项目。在未获取准确的治疗方案前，这些神经退
行性疾病的病患，家属与护理人员将需要帮助与支助。为此，
在拉斯维加斯，拉斯维加斯云顶世界的开发活动在2017年正大
云顶集团正商议成立一所由马来亚大学团队包括科学家、医药研
幅度的进展中。我们的度假胜地占绝佳的位置，位于当局扩建的
究员和此领域的专业人士组织的失智症护理中心(Dementia Care
新拉斯维加斯会展中心的对面。我们在拉斯维加斯的团队将继续
Centre)，以提供失智症病患专业的护理与咨询。此中心将成为
与当地有关当局、承包商与供应商保持紧密合作。逾六亿美元与
云顶集团最新的企业社会责任项目，回馈社会。我们希望此中心
建筑相关的合约已于2017年签署。我们将会招聘更多的人员，藉
将有助于失智症的认知并提供解决方案以应付日益渐增的失智症
此为当地社区创造更多的就业机会，并助于拉斯维加斯的稳健经
课题。
济发展。我们的目标是拉斯维加斯云顶世界首个景点与设施将于
2020年底投入运作。
资本与融资
云顶种植
本集团于本年透过全资子公司已落实两次4.25%的担保票据(简
称“票据”)将于2027年以15亿美元截期，包括在2017年1月发行
云顶种植已成功地将下游生产阶段整合于沙巴州拿笃全新的60万
的10亿美元票据和2017年10月发行的5亿美元的票据。此票据将
公吨棕油提炼厂运作。此外我们的团队在印尼有更远大的扩展，
于香港证劵交易所上市。此次发行所筹获的资金将增强我们的财
我们的种植团队收购了一间种植公司的85%股权，以在南加里曼
务地位以及有利于加强我们管理现金流量的灵活性，包括拉斯维
丹将近1万9212公顷与开发一间每小时60吨产量的棕油提炼厂。
加斯云顶世界的开发投资。
因此将我们在马拉亚西亚和加里曼丹印尼加里曼丹的土地总面积
超越24万7600公顷，并拥有总共11间棕油提炼厂。棕油仍是迄
本公司同时也于2017年在债劵市场也筹获了资金。云顶马来西亚
今为止最具生产力的食用油作物，而我们在生物科技方面的研发
已经成功发行为期5年4.78%的担保中期票据(简称“MTN”)的12.5
努力将进一步增强这种“黄金农作物”的潜能。
亿令吉名义金额，为期10年4.98%MTN的11亿令吉名义金额以及
为期15年5.20%MTN的2.5亿令吉名义金额；主要是为云顶世界
现在，我欣然向诸位报告云顶种植与源自美国的西蒙产业集团
的云顶综合旅游计划发展提供资金。
(Simon Property Group Limited)续柔佛名牌折扣购物中心之后
第二个合资的产业，云顶高原名牌折扣购物中心是全世界首座落
云顶新加坡已于2017年10月在以日元为计值货币的武士债劵中筹
于云顶高原山上的购物中心，将有助于增强云顶高原度假景点的
获200亿日元，紧随着在日本预期建议投标的日本综合式度假村
吸引力。这全新的销售地标在上半年的营业额便已超越原定的
所建立的分支机构。所筹获得资金将用于支撑于日本发展的企业
目标以及预计将与柔佛名牌折扣购物中心并肩扩充云顶种植的
营运包括预期在日本综合式度假村执行票据筹备阶段与博彩许可
发展。
证投标等的筹备工作。

云顶能源
永续经营报告

云顶能源的两项全新发电厂项目已顺利分别于2017年3
董事部承诺秉持本集团永续发展原则与负责任的商业行为。我们
月份及9月份全面投入商业运行。一是持有55%股权位于
永续经营的旅程由五大永续经营支柱所引导，即保持资产的完整
印尼西爪哇的万丹一期1x660兆瓦超临界燃煤发电厂，
性、法规遵从、企业文化的塑造、经营品牌与信誉、领导力与传
以及持有49%股权位于中国福建省的湄洲湾二期2x1,000
承计划、以及社区关怀。我们相信若要在长期交付出永续经营回
兆瓦超超临界燃煤发电厂。我们所兴建的万丹一期发电
酬并增强股东价值，这些都是重要的基石。永续经营旅程的执行
厂自从投入商业运行后一年实现了超过90%的可用率。
摘要在此年报披露，而完整的报告可浏览本公司网站。
我们预计这两个电厂于2018年会继续带来正面的贡献。

GENTING BERHAD | ANNUAL REPORT 2017

 主席文告 11

未来发展

我们对2018年全球经济前景持谨慎乐观的看法。我们的商业策略
纳入风险管理与永续经营实践为考量，以确保业务可持续经营。
然而，没有人可预知不可预见的情况。因此，我们仍然对足以影
响我们业务表现的本地与全球经济发展保持警惕。我们将继续孜
孜不倦勤奋努力，以确保现有业务保持强劲，同时让新的项目发
展处于正轨。无论未来的挑战有多大，我将继续引导并带领我的
团队尽可能为云顶集团交出最佳业绩表现。

感谢词

本人谨代表董事部衷心欢迎郭瑞联女士于2017年11月委任成为本
公司独立非执行董事。她的多重专业知识与经验将有助于加强董
事部的决策与维护更好的企业管理标准。

在此，我欲衷心感激每位董事成员们所提供的宝贵意见与指导。

此外，我也衷心感谢全体利益相关者一路以来真诚支持、赤胆忠
心与鼎力合作，尤其是我们尊贵的股东、政府、执行机构、商业
伙伴、客户、供应商以及所有我们的管理层和员工的努力，确保
集团的成功。

愿我们继续锐意进取，为云顶再续辉煌。

谢谢。

丹斯里林国泰
主席兼总执行长
2018年2月27日

ANNUAL REPORT 2017 | GENTING BERHAD

12
BOARD OF
DIRECTORS

TAN SRI DR. LIN SEE YAN DATO’ DR. R. MR LIM KEONG HUI TAN SRI LIM KOK THAY
Independent THILLAINATHAN Executive Director – Chairman and Chief
Non-Executive Director Independent Chairman’s Office Executive/Non-
Non-Executive Director and Chief Information Independent Executive
Officer/Non-Independent Director
Executive Director

AUDIT AND RISK NOMINATION COMMITTEE

MANAGEMENT COMMITTEE
TAN SRI DR. LIN SEE YAN
TAN SRI DR. LIN SEE YAN Chairman/Independent Non-Executive Director
Chairman/Independent Non-Executive Director
DATO’ DR. R. THILLAINATHAN
DATUK CHIN KWAI YOONG Member/Independent Non-Executive Director
Member/Independent Non-Executive Director

DATO’ DR. R. THILLAINATHAN

Member/Independent Non-Executive Director

GENTING BERHAD | ANNUAL REPORT 2017

 BOARD OF DIRECTORS 13

TUN MOHAMMED HANIF DATUK CHIN KWAI TAN SRI FOONG CHENG MADAM KOID SWEE LIAN
BIN OMAR YOONG YUEN Independent
Deputy Chairman/Non- Independent Non- Independent Non- Non-Executive Director
Independent Executive Executive Director Executive Director
Director

REMUNERATION COMMITTEE
DATUK CHIN KWAI YOONG
Chairman/Independent Non-Executive Director

TAN SRI DR. LIN SEE YAN

Member/Independent Non-Executive Director

ANNUAL REPORT 2017 | GENTING BERHAD

14
DIRECTORS’
PROFILE

Tan Sri Lim Kok Thay (Malaysian, aged 66, male), appointed
on 17 August 1976, was redesignated as the Chairman and
Chief Executive on 1 July 2007. He is also the Chairman and
Chief Executive of Genting Malaysia, the Chief Executive
and a Director of Genting Plantations; and the Executive
Chairman of Genting Singapore and Genting UK Plc. He
has served in various positions within the Group since 1976.
He is a Founding Member and a Permanent Trustee of The
Community Chest, Malaysia. In addition, he sits on the
Boards of other Malaysian and foreign companies as well as
the Boards of Trustees of several charitable organisations
in Malaysia.

Tan Sri Lim holds a Bachelor of Science in Civil Engineering

from the University of London. He attended the Programme
for Management Development of Harvard Business School,
Harvard University in 1979. He is a Visiting Professor in
the Department of Electrical and Electronic Engineering,
Imperial College London and an Honorary Professor of
Xiamen University, China.

Tan Sri Lim is the Chairman and Chief Executive Officer

of Genting Hong Kong, a company primary listed on the
Main Board of The Stock Exchange of Hong Kong Limited
TAN SRI and secondary listed on the Main Board of The Singapore
Exchange Securities Trading Limited. He is also a Director

LIM KOK THAY of Travellers International Hotel Group, Inc., a company

Chairman and Chief Executive/
Non-Independent Executive Director
listed on the Main Board of The Philippine Stock Exchange,
Inc. and an associate of Genting Hong Kong. He has an
interest in the securities of Genting Hong Kong. Genting
Hong Kong’s subsidiaries are principally engaged in the
business of cruise and cruise-related operations and
leisure, entertainment and hospitality activities.

In the context of the above businesses of Genting Hong

Kong group, Tan Sri Lim is therefore considered as having
interests in business apart from the Group’s business, which
may compete indirectly with the Group’s business.

For his leadership excellence and significant contributions

to the leisure and travel industry, he was named the “Travel
Entrepreneur of the Year 2009” by Travel Trade Gazette
(TTG) Asia, “The Most Influential Person in Asian Gaming
2009” by Inside Asian Gaming, “Asian Leader for Global
Leisure and Entertainment Tourism 2011” by Seagull
Philippines Inc., and “Lifetime Achievement Award for
Corporate Philanthropy 2013” by World Chinese Economic
Forum.

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ PROFILE 15

Tun Mohammed Hanif bin Omar (Malaysian, aged 79,

male), appointed on 23 February 1994, is the Deputy
Chairman. Tun Mohammed Hanif retired as Deputy
Chairman/Non-Independent Executive Director of the
Company at the conclusion of the Company’s 49th Annual
General Meeting held on 1 June 2017 in accordance with
Section 129 of the Companies Act 1965. On the same day,
Tun Mohammed Hanif was appointed as Deputy Chairman/
Non-Independent Executive Director of the Company
pursuant to a resolution of the Board of Directors of the
Company dated 1 June 2017.

He was the Inspector-General of The Royal Malaysian Police

for 20 years before retiring in January 1994, having joined
as an officer in 1959. He holds a Bachelor of Arts from the
University of Malaya, Singapore, Bachelor of Law (Honours)
from University of Buckingham and the Certificate of Legal
Practice (Honours) from the Legal Qualifying Board.

He is also the Deputy Chairman of Genting Malaysia Berhad

and sits on the Boards of AMFB Holdings Berhad and
Measat Global Berhad.

He has received honorary awards from Malaysia, Indonesia,

TUN MOHAMMED Thailand, Singapore, Brunei and the Philippines for his
invaluable contribution towards the region’s security. In
HANIF BIN OMAR 1993, he became the only serving public servant to be
awarded non-ex-officio Malaysia’s highest non-royal award
Deputy Chairman/Non-Independent Executive
which carries the titleship of ‘Tun’. He was conferred the
Director
Honorary Doctorate of Law by Universiti Kebangsaan
Malaysia in 1992, Honorary Doctorate of Philosophy
(Internal Security) by Universiti Pertahanan Nasional
Malaysia on 2 October 2011 and Honorary Doctorate of Law
by the University of Buckingham on 16 March 2012.

Tun Mohammed Hanif was a member of the 2004 Royal

Commission for the Enhancement of the Operations and
Management of The Royal Malaysian Police. He is the
President of the Malaysian Institute of Management
(MIM) and a member of the Malaysian Equine Council. In
addition, he is the Chairman of the Yayasan Tun Razak and
a member of the Boards of Trustees of the Malaysian Liver
Foundation, Yayasan DayaDiri, The MCKK Foundation and
The Community Chest, Malaysia.

ANNUAL REPORT 2017 | GENTING BERHAD

16 DIRECTORS’ PROFILE
MR LIM KEONG HUI
Executive Director – Chairman’s Office and
Chief Information Officer/
Non-Independent Executive Director
GENTING BERHAD | ANNUAL REPORT 2017
Mr Lim Keong Hui (Malaysian, aged 33, male), was
appointed as a Non-Independent Non-Executive Director on
15 June 2012 and was redesignated as a Non-Independent
Executive Director, following his appointment as the
Senior Vice President (“SVP”) - Business Development
of the Company on 1 March 2013. Subsequently, he was
redesignated as the Executive Director – Chairman’s Office
on 1 June 2013 and assumed additional role as the Chief
Information Officer (“CIO”) of the Company on 1 January
2015.
Mr Lim holds a Bachelor of Science (Honours) Degree
in Computer Science from the Queen Mary University
of London, United Kingdom and a Master’s Degree in
International Marketing Management from Regent’s
Business School London, United Kingdom.
Mr Lim is a son of Tan Sri Lim Kok Thay, who is the
Chairman and Chief Executive of the Company. Both
Tan Sri Lim Kok Thay and Mr Lim Keong Hui are major
shareholders of the Company. He was a Non-Independent
Non-Executive Director of Genting Malaysia and
Genting Plantations until he was redesignated as a
Non-Independent Executive Director, following his
appointment as the CIO of Genting Malaysia and
Genting Plantations on 1 January 2015. On 5 May 2017,
Mr Lim was redesignated as a Non-Independent Non-
Executive Director of Genting Plantations, following his
resignation as the CIO of Genting Plantations. He is also a
director of Genting UK Plc and a member of the Board of
Trustees of Yayasan Lim Goh Tong.
Prior to his appointment as the SVP – Business
Development of the Company, he was the SVP – Business
Development of Genting Hong Kong until he was
redesignated as the Executive Director – Chairman’s Office
of Genting Hong Kong following his appointment as an
Executive Director of Genting Hong Kong on 7 June 2013.
He is currently the Executive Director – Chairman’s Office
and CIO of Genting Hong Kong after taking up additional
role of CIO of Genting Hong Kong on 1 December 2014.
Prior to joining Genting Hong Kong in 2009, he had
embarked on an investment banking career with The
Hongkong and Shanghai Banking Corporation Limited. He
has deemed interest in the shares of Genting Hong Kong.
Genting Hong Kong’s subsidiaries are principally engaged
in the business of cruise and cruise-related operations and
leisure, entertainment and hospitality activities.
In the context of the above businesses of Genting Hong
Kong group, Mr Lim is therefore considered as having
interests in business apart from the Group’s business, which
may compete indirectly with the Group’s business.
 DIRECTORS’ PROFILE 17

Dato’ Dr. R. Thillainathan (Malaysian, aged 73, male),

appointed on 15 January 2003, was redesignated as an
Independent Non-Executive Director on 30 July 2009.
Dato’ Dr. R. Thillainathan retired as an Independent Non-
Executive Director of the Company at the conclusion of the
Company’s 49th Annual General Meeting held on 1 June
2017 in accordance with Section 129 of the Companies Act
1965. On the same day, he was appointed as an Independent
Non-Executive Director of the Company pursuant to a
resolution of the Board of Directors of the Company dated
1 June 2017.

He was the Chief Operating Officer of the Company from

27 November 2002 to 9 September 2006 and retired as an
Executive Director on 30 July 2007.

He holds a Class 1 Honours in Bachelor of Arts (Economics)

from the University of Malaya, obtained his Master’s
Degree and PhD in Economics from the London School
of Economics and is a Fellow of the Institute of Bankers
Malaysia.

He has been with the Genting Group since 1989. He also

sits on the Boards of Allianz Malaysia Berhad, Allianz
General Insurance Company (Malaysia) Berhad, Allianz
DATO’ DR. Life Insurance Malaysia Berhad, Public Investment Bank
Berhad and IDEAS Policy Research Berhad. Dato’ Dr. R.

R. THILLAINATHAN Thillainathan has extensive years of experience in finance

Independent Non-Executive Director
and banking. He is the past President of Malaysian Economic
Association. He is currently a director of UM Holdings Sdn
Bhd and a trustee of three companies limited by guarantee
namely Child, Information, Learning and Development
Centre, Yayasan MEA and Private Pension Administrator
Malaysia.

ANNUAL REPORT 2017 | GENTING BERHAD

18 DIRECTORS’ PROFILE

Tan Sri Dr. Lin See Yan (Malaysian, aged 78, male),
appointed on 28 November 2001, is an Independent Non-
Executive Director. Tan Sri Dr. Lin retired as an Independent
Non-Executive Director of the Company at the conclusion
of the Company’s 49th Annual General Meeting held on 1
June 2017 in accordance with Section 129 of the Companies
Act 1965. On the same day, Tan Sri Dr. Lin was appointed
as an Independent Non-Executive Director of the Company
pursuant to a resolution of the Board of Directors of the
Company dated 1 June 2017.

He is an independent strategic and financial consultant and

a British chartered scientist. Dr. Lin received three degrees
from Harvard University, including a PhD in Economics.
He is an Eisenhower Fellow and also Research Professor
at Sunway University, Professor of Economics (Adjunct)
at Universiti Utara Malaysia and Professor of Business
& International Finance (Adjunct) at University Malaysia
Sabah.

Prior to 1998, he was Chairman/President and CEO of the

Pacific Bank Group and for 14 years previously, Deputy
Governor of Bank Negara Malaysia (the Central Bank),
having been a central banker for 34 years. After retiring
TAN SRI DR. as Chairman of EXCO, Khazanah Nasional in 2000, Dr. Lin
continues to serve the public interest, including Member,

LIN SEE YAN
Independent Non-Executive Director
Prime Minister’s Economic Council Working Group as well as
a member of key National Committees on Higher Education;
and Economic Advisor, Associated Chinese Chambers of
Commerce and Industry Malaysia. He is Chairman Emeritus,
Harvard Graduate School Alumni Association Council at
Harvard University and also President, Harvard Club of
Malaysia and Distinguished Fellow, Institute of Strategic
and International Studies Malaysia.

Dr. Lin advises and sits on the Boards of a number of publicly

listed and private enterprises in Malaysia, Singapore and
Indonesia, including as Independent Director of Ancom
Berhad, Wah Seong Corporation Berhad, Sunway Berhad
and as Chairman of IGB REIT Management Sdn Bhd,
Manager of the IGB Real Estate Investment Trust.

Dr. Lin is a trustee of Tun Ismail Ali Foundation (PNB),

Malaysian Economic Association Foundation, Jeffrey Cheah
Foundation and Prime Minister’s Exchange Fellowship
Program Malaysia as well as Mentor Counsellor of the Lin
Foundation.

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ PROFILE 19

Datuk Chin Kwai Yoong (Malaysian, aged 69, male),

appointed on 23 August 2007, is an Independent Non-
Executive Director. He is a Fellow of the Institute of
Chartered Accountants in England and Wales and a member
of the Malaysian Institute of Certified Public Accountants
and the Malaysian Institute of Accountants.

He started his career with Price Waterhouse (currently

known as PricewaterhouseCoopers PLT) as an Audit Senior
in 1974 and was promoted to Audit Manager in 1978. He was
an Audit Partner in the firm from 1982 until his retirement
in 2003. During his tenure as Partner, he was the Executive
Director in charge of the Consumer and Industrial Products
and Services Group and was the Director-in-charge of the
Audit and Business Advisory Services and Management
Consulting Services division.

He has extensive experience in the audits of major

companies in banking, oil and gas, automobile, heavy
equipment, manufacturing, construction and property
development industries. He was also involved in the
corporate advisory services covering investigations,
mergers and acquisitions and share valuations.

DATUK He is currently a director of Bank Negara Malaysia and

Deleum Berhad.

CHIN KWAI YOONG

Independent Non-Executive Director

ANNUAL REPORT 2017 | GENTING BERHAD

20 DIRECTORS’ PROFILE

Tan Sri Foong Cheng Yuen (Malaysian, aged 72, male),

appointed on 18 January 2016, is an Independent Non-
Executive Director. Tan Sri Foong retired as an Independent
Non-Executive Director of the Company at the conclusion
of the Company’s 49th Annual General Meeting held on 1
June 2017 in accordance with Section 129 of the Companies
Act 1965. On the same day, Tan Sri Foong was appointed
as an Independent Non-Executive Director of the Company
pursuant to a resolution of the Board of Directors of the
Company dated 1 June 2017.

He graduated from the University of London with LL.B.

(Honours) in 1969 and was called to the English Bar by
the Honourable Society of the Inner Temple in 1970.
Subsequently, he was called to the Malaysian Bar as an
advocate and solicitor in 1971. He was engaged in private
legal practice in both criminal and civil law, majoring in
insurance law from 1971 to 1990. While in practice, he acted
as legal adviser to numerous guilds and associations in
Malaysia. He was a Commissioner of Oath and Public
Notary. He was conferred an honorary Doctorate of Laws
degree by the University of the West of England in 2011. He
was also made a Bencher of the Honorable Society of the

TAN SRI FOONG

Inner Temple, London in 2009.

CHENG YUEN
He was appointed as Judicial Commissioner in 1990 and
elevated to be High Court Bench in 1992. He also served as
a High Court Judge at Johor Bahru, Shah Alam, Ipoh, and
Independent Non-Executive Director
Kuala Lumpur. He was elevated to the Court of Appeal in
2005. And in 2009 elevated to the Federal Court (Malaysia
Supreme Court). As a Federal Court Judge, he was made
a Managing Judge of the Civil Division of the High Court
at Kuala Lumpur and of the High Court and Subordinate
Courts of the State of Penang. He retired from the Malaysian
Judiciary on 25 February 2012.

Tan Sri Foong is currently a director of Only World Group

Holdings Berhad, Paramount Corporation Berhad,
Ombudsman For Financial Services (formerly known as
Financial Mediation Bureau) and a member of the Board of
Trustees of The Community Chest, Malaysia.

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ PROFILE 21

Madam Koid Swee Lian, (Malaysian, aged 60, female),

appointed on 23 November 2017, is an Independent Non-
Executive Director.

Madam Koid was granted a scholarship by Bank Negara

Malaysia (“BNM”) to read law at the Law Faculty of the
University of Malaya. She graduated with a Bachelor of
Laws degree in 1981 and was called to the Malaysian Bar
in 1983.

She was a career officer of BNM for 32.5 years until her
retirement. She served BNM in various capacities, including
as Head of the Financial Intelligence Unit, Director of the
Consumer and Market Conduct Department and a Board
member and Chief Executive Officer of BNM’s wholly owned
subsidiary, Credit Counselling and Debt Management
Agency (“Agensi Kaunseling dan Pengurusan Kredit” or
“AKPK”)

She is currently an advisor for the Consumer Education

Initiatives of the Financial Planning Association of Malaysia,
and a Public Interest Director appointed by the Securities
Commission Malaysia to the Board of the Federation of
Investment Managers Malaysia where she chairs one of the
MADAM Board Committees.

KOID SWEE LIAN She is currently a director of Federation of Investment

Managers Malaysia, Deutsche Bank (Malaysia) Berhad and
Independent Non-Executive Director HLA Holdings Sdn Bhd, a wholly owned subsidiary of Hong
Leong Financial Group Berhad.

Notes:

The details of Directors’ attendances at Board Meetings are set out in the Corporate Governance Overview Statement on page 55 of this Annual Report.

The details of the Board Committees where certain Directors are also members are set out on pages 12 and 13 of this Annual Report.

Save as disclosed, the above Directors have no family relationship with any Director and/or major shareholders of Genting Berhad, have no conflict of interest
with Genting Berhad, have not been convicted for any offences within the past five years and have no public sanction or penalty imposed by the relevant
regulatory bodies during the financial year.

ANNUAL REPORT 2017 | GENTING BERHAD

22
PRINCIPAL EXECUTIVE OFFICERS’
PROFILE

TAN SRI LIM KOK THAY

Chairman and Chief Executive

His profile is disclosed in the Directors’ Profile on page 14 of this Annual Report.

TUN MOHAMMED HANIF BIN OMAR

Deputy Chairman

His profile is disclosed in the Directors’ Profile on page 15 of this Annual Report.

MR LIM KEONG HUI

Executive Director – Chairman’s Office and Chief Information Officer

His profile is disclosed in the Directors’ Profile on page 16 of this Annual Report.

MR TAN KONG HAN

President and Chief Operating Officer

Mr Tan Kong Han (Malaysian, aged 52, male), was appointed as the President and Chief Operating Officer of the Company
on 1 July 2007. He is also the Deputy Chief Executive of Genting Plantations. He has more than 13 years working experience
in investment banking prior to joining Tanjong Public Limited Company as the Group Chief Operating Officer in 2003. He
left Tanjong Public Limited Company in 2007 to join the Company. He read economics and law and has been conferred a
Master of Arts by the University of Cambridge. Mr Tan was called to the English Bar (Lincoln’s Inn) in 1989 and the Malaysian
Bar in 1990.

He serves as a director of a variety of subsidiary companies within the Genting Berhad and Genting Plantations group.
He is also a member of the Board of Trustees of Yayasan Genting and Yayasan Kebajikan Komuniti Malaysia, the Administrator
of The Community Chest, Malaysia and the Managing Director of Pan Malaysian Pools Sdn Bhd as well as a director of Asian
Centre for Genomics Technology Berhad and GB Services Berhad, both of which are public companies.

Mr Tan Kong Han does not have family relationship with any Director and/or major shareholder of Genting Berhad, has no
conflict of interest with Genting Berhad, has not been convicted of any offences within the past five years and has no public
sanction or penalty imposed by the relevant regulatory bodies during the financial year.

MR CHONG KIN LEONG

Chief Financial Officer

Mr Chong Kin Leong (Malaysian, aged 59, male), was appointed as the Executive Vice President – Finance of Genting Berhad
on 26 May 2003. He began his career with an international accounting firm in Kuala Lumpur in 1981 and joined Sime Darby
Berhad in 1985 before leaving to join the Rashid Hussain Berhad group of companies (“RHB Group”) as Senior General
Manager, Finance in 1993. He left the RHB Group in 2003 where his last position was Finance Director, to join Genting
Berhad. He holds a Bachelor of Accounting (Honours) from the University of Malaya, and is a Member of the Malaysian
Institute of Accountants and the Malaysian Institute of Certified Public Accountants. He presently holds the position of
Chief Financial Officer and is also a director of several subsidiary companies of the Genting Berhad group, including GB
Services Berhad and Genting Capital Berhad.

Mr Chong Kin Leong does not have family relationship with any Director and/or major shareholders of Genting Berhad, has
no conflict of interest with Genting Berhad, has not been convicted of any offences within the past five years and has no
public sanction or penalty imposed by the relevant regulatory bodies during the financial year.

GENTING BERHAD | ANNUAL REPORT 2017

 MANAGEMENT & CORPORATE 23

INFORMATION

SENIOR MANAGEMENT

TAN SRI LIM KOK THAY MR CHONG KIN LEONG

Chairman and Chief Executive Chief Financial Officer

TUN MOHAMMED HANIF BIN OMAR MS WONG YEE FUN

Deputy Chairman Deputy Chief Financial Officer

MR LIM KEONG HUI MR ONG TIONG SOON

Executive Director – Chairman’s Office Chief Executive Officer – Genting Energy Division
and Chief Information Officer
MR DERRIK KHOO SIN HUAT
MR TAN KONG HAN Chief Curation and Millennials Officer
President and Chief Operating Officer
MS GOH LEE SIAN
Senior Vice President - Legal

CORPORATE INFORMATION
GENTING BERHAD SECRETARY
A public limited liability company Ms Loh Bee Hong
Incorporated and domiciled in Malaysia MAICSA 7001361
Company No. 7916-A
AUDITORS
REGISTERED OFFICE
PricewaterhouseCoopers PLT
24th Floor, Wisma Genting (Chartered Accountants)
Jalan Sultan Ismail
50250 Kuala Lumpur STOCK EXCHANGE LISTING
Tel : (03) 2178 2288/2333 2288
Main Market of Bursa Malaysia Securities Berhad
Fax : (03) 2161 5304
(Listed on 28 December 1971)
E-mail : gbinfo@genting.com
Stock Name : GENTING
REGISTRARS
Stock Code : 3182
Genting Management and Consultancy Services Sdn Bhd
24th Floor, Wisma Genting INTERNET HOMEPAGE
Jalan Sultan Ismail
www.genting.com
50250 Kuala Lumpur
Tel : (03) 2178 2266/2333 2266
Fax : (03) 2161 5304

ANNUAL REPORT 2017 | GENTING BERHAD

24
GROUP CORPORATE
STRUCTURE

*
(7916-A)
and its Principal Subsidiaries, Joint Ventures and Associate as at 14 March 2018

52.7% 49.4% 51.6% 100%

Genting Genting Genting Genting
Singapore Malaysia Plantations ENERGY
PLC** Berhad* Berhad* LIMITED

100% 100% 100% 100% 55%

Resorts World at First World Hotels & Genting Tanjung Resorts World PT Lestari Banten
Sentosa Pte Ltd Resorts Sdn Bhd Bahagia Sdn Bhd Las Vegas LLC Energi

100% 100% 100% 49%

Genting Golf Genting SDC Genting Hotel Fujian Pacific Electric
Course Bhd Sdn Bhd & Resorts Company Limited
Management
100% 100% Sdn Bhd 49%
Widuri Pelangi Genting Oil Mill SDIC Genting
Sdn Bhd Sdn Bhd 100% Meizhou Wan
Awana Hotels Electric Power
100% 100% & Resorts Company Limited
Papago Sdn Bhd Genting Plantations Management
(WM) Sdn Bhd Sdn Bhd 100%
100% GP Wind (Jangi)
Genting New York 72% 100% Private Limited
LLC Genting MusimMas Genting
Refinery Sdn Bhd Management 41.6%
100% and Consultancy Lanco Tanjore
Genting Solihull 100% Services Sdn Bhd Power Company
Limited AsianIndo Limited
Holdings Pte Ltd
100% 50% 95%
Resorts World 73.7% Resorts World Inc Genting Oil Kasuri
Omni LLC PalmIndo Holdings Pte Ltd Pte Ltd
Pte Ltd
78% 95%
BB Entertainment 63.2% Genting CDX
Ltd GlobalIndo Singapore Pte Ltd
Holdings Pte Ltd
100%
Genting UK Plc 95.5%
ACGT Sdn Bhd
100%
Genting Alderney 100%
Limited Genting Property
Sdn Bhd
100% Leisure & Hospitality Property
Oakwood Sdn Bhd 50%
Plantations Energy
Genting Simon
Sdn Bhd Biotechnology Investment Holding &
100% Management Services
Genting Properties Notes:
(UK) Pte Ltd 100% The above chart is a simplified version of the Genting
Genting Highlands Group’s corporate structure setting out the shareholding
Premium Outlets percentages in the principal operating companies.
100% * Listed on Bursa Malaysia Securities Berhad
Resorts World Sdn Bhd ** Listed on Singapore Exchange Securities Trading
Miami LLC Limited

GENTING BERHAD | ANNUAL REPORT 2017


2017
18 JANUARY 2017
Announcement of the offering by GOHL Capital Limited
(“GOHLC”), an indirect wholly owned subsidiary of the
Company of USD1,000,000,000 4.25% Guaranteed
Notes Due 2027 (“Notes”).
25 JANUARY 2017
Announcement of the issuance of the Notes on 24
January 2017 and listing of the Notes on The Stock
Exchange of Hong Kong Limited on 25 January 2017.
23 FEBRUARY 2017
Announcement of the following:
(a) Consolidated Unaudited Results of the Group for
the fourth quarter and the Audited Results for the
financial year ended 31 December 2016; and
(b) Entitlement date for the Special Single-Tier
Dividend in respect of the financial year ended 31
December 2016.
3 MARCH 2017
Announcement of the proposed shareholders’ mandate
for recurrent related party transactions of a revenue or
trading nature.
8 MARCH 2017
Announcement of the entitlement date of the proposed
final single-tier dividend in respect of the financial year
ended 31 December 2016.
10 MARCH 2017
Announcement of the proposed renewal of authority
for the Company to purchase its own shares.
5 APRIL 2017
Notice to Shareholders of the Forty-Ninth Annual
General Meeting.
29 MAY 2017
Announcement of the Consolidated Unaudited Results
of the Group for the first quarter ended 31 March 2017.
1 JUNE 2017
Forty-Ninth Annual General Meeting (“49th AGM”).
Announcements of the following:
(a) Retirement of the following persons as Directors
of the Company pursuant to Section 129(6) of
the Companies Act, 1965 at the conclusion of the
Company’s 49th AGM held on 1 June 2017 and
subsequent appointment on the same day as
Directors of the Company on 1 June 2017:
(i) Tun Mohammed Hanif bin Omar as Deputy
Chairman/Non-Independent Executive Director;
CORPORATE 25
DIARY
(ii) Tan Sri Dr. Lin See Yan as Independent Non-
Executive Director;
(iii) Dato’ Dr. R. Thillainathan as Independent Non-
Executive Director; and
(iv) Tan Sri Foong Cheng Yuen as Independent
Non-Executive Director.
(b) Retirement of the following persons as member(s)
of the Board Committee(s) of the Company arising
from their retirement as Directors of the Company
as mentioned in (a) above and subsequent
appointment on the same day as member(s) of
the Board Committee(s) of the Company on 1 June
2017:
(i) Tan Sri Dr. Lin See Yan as Chairman of Audit
Committee and Nomination Committee and a
member of Remuneration Committee; and
(ii) Dato’ Dr. R. Thillainathan as a member of Audit
Committee and Nomination Committee.
24 AUGUST 2017
Announcement of the following:
(a) Consolidated Unaudited Results of the Group for
the second quarter ended 30 June 2017; and
(b) Entitlement date for the interim single-tier
dividend in respect of the financial year ending 31
December 2017.
11 OCTOBER 2017
Announcement of the further offering by GOHLC of
USD500,000,000 4.25% Guaranteed Notes Due 2027
(“Further Notes”).
19 OCTOBER 2017
Announcement of the issuance of the Further Notes on
17 October 2017 and listing of the Notes on The Stock
Exchange of Hong Kong Limited on 18 October 2017.
23 NOVEMBER 2017
Announcement of the Consolidated Unaudited Results
of the Group for the third quarter ended 30 September
2017.
Announcement of the appointment of Madam Koid
Swee Lian as an Independent Non-Executive Director
of the Company with effect from 23 November 2017.
29 DECEMBER 2017
Announcement of the renaming of the Audit Committee
of the Company to Audit and Risk Management
Committee.
ANNUAL REPORT 2017 | GENTING BERHAD
26 CORPORATE DIARY

2018
27 FEBRUARY 2018 29 MARCH 2018
Announcement of the following: Announcement of the following:

(a) Consolidated Unaudited Results of the Group for (a) Entitlement date for the proposed final single-tier
the fourth quarter and the Audited Results for the dividend in respect of the financial year ended 31
financial year ended 31 December 2017; and December 2017.

(b) Entitlement date for the proposed special single- (b) Proposed renewal of shareholders’ mandate for
tier dividend in respect of the financial year ended recurrent related party transactions of a revenue
31 December 2017. or trading nature.

(c) Proposed renewal of authority for the Company to

purchase its own shares.

DIVIDENDS Announcement Entitlement Date Payment

2016 Special Single-Tier – 6.5 sen per ordinary 23 February 2017 10 March 2017 30 March 2017
share
2016 Final Single-Tier – 6.0 sen per ordinary share 23 February 2017 5 June 2017 23 June 2017
2017 Interim Single-Tier – 8.5 sen per ordinary 24 August 2017 13 September 2017 6 October 2017
share
2017 Special Single-Tier – 7.0 sen per ordinary 27 February 2018 14 March 2018 3 April 2018
share
2017 Proposed Final Single-Tier – 6.0 sen per 27 February 2018 11 June 2018 2 July 2018*
ordinary share

* Upon approval of shareholders at the Fiftieth Annual General Meeting.

GENTING BERHAD | ANNUAL REPORT 2017

 FINANCIAL 27

HIGHLIGHTS

2017
REVENUE MARKET CAPITALISATION

RM20.0 billion RM35.2 billion

2016: RM18.4 billion AS AT 31 DECEMBER 2017

EBITDA TOTAL EQUITY

RM7.1 billion RM57.1 billion

2016: RM6.1 billion 2016: RM64.7 billion

NET PROFIT TOTAL ASSETS EMPLOYED

RM3.2 billion RM93.6 billion

2016: RM4.5 billion 2016: RM91.5 billion

REVENUE EBITDA

RM million RM million
21,000 20,019.6 9,000
18,216.5 18,100.4 18,365.8
18,000 17,111.7 7,500 7,062.6
6,508.0
15,000 6,118.9 6,210.2 6,142.6
6,000
12,000
4,500
9,000
3,000
6,000

3,000 1,500

0 0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Year Year

US & bahamas US & bahamas

Others RM1,512.7m UK & EGYPT
RM147.1m
RM1,929.1m 8% RM178.4m
2%
9% 3%
UK & EGYPT
Others
RM1,942.4m
RM680.1m
10% Singapore
9%
Singapore REVENUE BY RM3,310.6m EBITDA BY
RM7,449.6m LOCATION 47% LOCATION
37% Malaysia
RM2,746.4m
39%
malaysia
RM7,185.8m
36%

ANNUAL REPORT 2017 | GENTING BERHAD

28
FIVE-YEAR
SUMMARY

Amounts in RM million unless otherwise stated 2017 2016 2015 2014 2013

Revenue 20,019.6 18,365.8 18,100.4 18,216.5 17,111.7

EBITDA 7,062.6 6,142.6 6,210.2 6,508.0 6,118.9

Profit before taxation 4,312.2 5,459.5 3,296.9 4,099.4 4,305.5
Taxation (1,069.4) (981.7) (844.3) (1,105.9) (740.9)
Profit for the financial year 3,242.8 4,477.8 2,452.6 2,986.0 3,672.4
Profit attributable to equity holders of the Company 1,445.3 2,120.6 1,272.9 1,356.5 1,789.2

Share capital 2,818.7 375.0 374.3 374.3 371.9

Treasury shares (221.2) (221.2) (219.6) (212.5) (210.9)
Retained earnings 25,322.6 24,672.5 22,387.8 21,141.7 19,880.0
Other reserves 5,869.6 9,182.7 9,329.2 4,996.0 4,896.0
33,789.7 34,009.0 31,871.7 26,299.5 24,937.0
Perpetual capital securities of a subsidiary - 7,144.9 7,071.5 6,098.9 5,985.6
Non-controlling interests 23,319.2 23,550.4 22,884.2 19,956.1 19,121.1
Non-current liabilities 28,168.9 18,870.8 19,730.2 12,846.2 12,705.0
85,277.8 83,575.1 81,557.6 65,200.7 62,748.7

Property, plant and equipment 36,228.8 34,783.6 32,963.5 27,327.3 25,833.7

Land held for property development 384.3 378.9 359.7 343.3 423.9
Investment properties 1,965.3 2,099.6 2,070.7 1,729.6 1,589.5
Leasehold land use rights 641.0 495.8 387.1 305.3 238.7
Intangible assets 5,903.8 6,527.4 6,666.6 5,461.7 5,330.0
Rights of use of oil and gas assets 3,608.1 4,069.7 3,881.2 2,792.8 1,256.8
Associates 720.2 1,023.3 1,200.8 1,064.2 844.0
Available-for-sale financial assets 1,957.4 2,117.0 2,303.0 2,856.2 3,936.1
Other non-current assets 7,439.2 7,802.0 6,276.1 3,453.7 1,222.6
Total non-current assets 58,848.1 59,297.3 56,108.7 45,334.1 40,675.3
Net current assets 26,429.7 24,277.8 25,448.9 19,866.6 22,073.4
85,277.8 83,575.1 81,557.6 65,200.7 62,748.7

Basic earnings per share (sen) 38.28 57.00 34.24 36.51 48.43
Net dividend per share (sen) 21.50 12.50 3.50 4.00 37.50
Dividend cover (times) 1.8 4.6 9.8 9.1 1.3
Current ratio 4.17 4.05 4.65 3.67 3.67
Net assets per share (RM) 8.83 9.13 8.57 7.07 6.75
Return (after tax and non-controlling interests)
on average shareholders’ equity (%) 4.26 6.44 4.38 5.30 7.73

Market share price

- highest (RM) 9.98 9.76 9.25 10.35 10.97
- lowest (RM) 7.92 7.07 6.68 8.71 9.21

Certain figures relating to the previous years have been restated, mainly due to changes in accounting policies or adoption of
new/revised FRSs.

GENTING BERHAD | ANNUAL REPORT 2017

 MANAGEMENT’S DISCUSSION AND
ANALYSIS OF BUSINESS OPERATIONS
AND FINANCIAL PERFORMANCE
GROUP BUSINESSES AND STRATEGIES
The Genting Group, which had its origin in 1965 as a
family holiday resort development in Genting Highlands,
Malaysia has grown steadily over the years to become a
diversified global corporation that it is today. The Group’s
activities are principally in leisure, hospitality, gaming and
entertainment, oil palm plantations, power generation,
oil and gas, property development, life sciences and
biotechnology activities and other investments. The
businesses are spread across Malaysia, Singapore, the
United States of America, Bahamas, the United Kingdom,
Egypt, China, Indonesia and India. The Group comprises
four public companies listed on the stock exchanges of
Malaysia and Singapore – namely Genting Berhad, Genting
Malaysia, Genting Plantations and Genting Singapore. Over
55,000 people are employed worldwide and the Group has
close to 4,800 hectares of prime resort land and 247,600
hectares of plantation land.
In 2017, the Asian gaming and tourism industry showed
signs of rebound as a result of good economic growth in
the Group’s main geographic markets. Genting Singapore’s
recalibrated credit policy and commission structure for the
VIP gaming business helped to achieve lower impairment
on gaming receivables and improve operating margins.
This enabled Genting Singapore to deliver a sterling
performance in 2017. Genting Singapore will continue to
curate and re-invest in new tourist facilities and re-fresh
existing products to remain attractive to its customers. In
parallel, Resorts World Sentosa is reviewing its processes
and guest interaction touch points to identify areas where
it can innovate to achieve a better customer journey in all
its business segments. Genting Singapore is optimistic
that the Japan Integrated Resort Execution Bill will be
tabled in this year’s Diet session which will pave the way
for the formal bidding process for Japan’s potential gaming
licences.
Genting Malaysia is committed to provide a delightful and
memorable experience to its customers in achieving its
vision of becoming the leading integrated resort operator in
the world. It aims to generate sustainable growth and profits
as well as optimise yield management through database
marketing in order to improve the overall efficiencies and
service delivery. Genting Malaysia has embarked on a 10-
year master plan to reinvigorate and transform Resorts
World Genting under the Genting Integrated Tourism Plan.
Various new facilities and attractions which have been
introduced progressively since mid-2015 include the First
World Hotel Tower 3, new Awana SkyWay cable car system,
SkyPlaza and the SkyAvenue entertainment complex.
Genting Malaysia expects to roll out the much anticipated
Twentieth Century Fox World Theme Park and the new
indoor theme park in 2018.
In the United Kingdom, Genting Malaysia aims to strengthen
its position in the non-premium players business by
growing its market share and improving business
efficiencies. It will continue to stabilise the operations and
grow business volume at Resorts World Birmingham and
the online operations. In the United States of America,
29
Resorts World Casino New York City is embarking on a
USD400.0 million expansion which will include various new
attractions. Genting Malaysia is also focusing on marketing
efforts in the leisure market to drive visitation and volume
of business to Resorts World Bimini as well as continuing
with cost rationalisation initiatives.
Genting Plantations constantly explores opportunities
to expand through value-accretive investments while
progressively planting up areas in its existing landbank at
a sustainable pace. It will also focus on managing costs and
yield improvement through better agronomic practices and
operational efficiency. For the Property Division, Genting
Plantations will continue to identify and develop its
strategically-located landbank for property development.
Our unlisted entity, Genting Energy, spearheads the
Group’s power generation and oil & gas businesses. In
2017, the Group increased its total attributable generation
capacity from gas-and coal-fired power plants and a wind
farm to 2,061 megawatts (“MW”). The increase of more
than 1,000MW of attributable generation capacity during
the year came from the 660MW Banten power plant (Phase
I) in Indonesia and the Meizhou Wan (Phase II) power plant
in China which achieved commercial operations in March
2017 and September 2017 respectively. In the Oil and
Gas Division, Genting Energy has submitted the Plan of
Development for the Asap-Kido-Merah discoveries in the
Kasuri Block and is awaiting approval from the Ministry of
Energy and Mineral Resources.
FINANCIAL REVIEW
Revenue
The Group generated revenue of RM20,019.6 million
in 2017 compared with RM18,365.8 million in 2016, an
increase of 9%.
The Leisure & Hospitality Division’s total revenue in 2017
grew by 7% over the previous year. Increased revenue of
11% from Resorts World Sentosa was driven mainly by its
efforts in growing its regional premium mass business.
Revenue from Resorts World Genting which increased by
4% was contributed mainly by the mass market following
the opening of new facilities under the Genting Integrated
Tourism Plan since December 2016. However, this was
partially offset by lower revenue from the mid to premium
segments of the business due to lower hold percentage
despite the higher volume of business. The casino business
in the United Kingdom and Egypt recorded higher revenue
by 4% due mainly to higher hold percentage and higher
volume of business from its premium gaming segment.
Higher revenue by 5% was recorded by the leisure and
hospitality business in the United States of America and
Bahamas due mainly to an improved commission structure
with the New York state authority on Resorts World Casino
New York City’s gaming operations as well as the stronger
US Dollar exchange rate to the Malaysian Ringgit during
the financial year. This was partially offset by lower revenue
from Resorts World Bimini in Bahamas due to lower volume
of business and hold percentage.
ANNUAL REPORT 2017 | GENTING BERHAD
30 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE
Revenue from Plantations Division increased by 25%,
attributable to increase in fresh fruit bunch production with
improvements from both Malaysia and Indonesia buoyed
by crop recovery from the impact of El Nino along with
additional mature areas and an improved age profile of
planted areas in Indonesia. The Downstream Manufacturing
segment recorded higher sales of refined palm products
and biodiesel.
Revenue of the Power Division in 2017 included
construction revenue until March 2017, and thereafter
revenue from sale of electricity by the Banten power
plant following the start of its commercial operations
on 28 March 2017. Revenue in 2016 comprised mainly
construction revenue from the Banten power plant.
The Oil & Gas Division recorded higher revenue by 42% due
mainly to higher average oil prices.
Costs and expenses
Total costs and expenses before finance costs and share of
results in joint ventures and associates of the Group in 2017
was RM16,480.3 million compared with RM15,308.3 million
in 2016. The higher costs and expenses were due mainly to
the following :
a) Cost of sales increased from RM12,543.1 million to
RM12,741.8 million, an increase of RM198.7 million.
Cost of sales of Genting Malaysia increased due mainly
to higher cost of inventories, payroll and related costs,
depreciation and amortisation charges as a result of
the commencement of operations of certain facilities
under the Genting Integrated Tourism Plan and gaming
related expenses. These increases were partially offset
by lower cost of sales of Genting Singapore due mainly
to lower operating costs and overheads as a result of
various cost efficiency improvement initiatives and
lower impairment on trade receivables.
b) Impairment losses in 2017 were RM675.0 million
compared with RM188.2 million in 2016. The
impairment losses in 2017 were mainly in respect
of the United Kingdom casino licences at certain
locations, the carrying value of the Group’s investment
in Lanco Kondapalli Power Limited due to the adverse
performance of its power plant in India for a prolonged
period, the carrying value of a life sciences investment
which is in the process of winding up and certain of
the Group’s available-for-sale financial assets where
fair values were determined to be below their carrying
values.
c) Selling and distribution costs increased marginally
from RM445.0 million to RM467.4 million, an increase
of RM22.4 million.
d) Administration expenses increased marginally from
RM1,499.7 million to RM1,515.6 million, an increase of
RM15.9 million.
GENTING BERHAD | ANNUAL REPORT 2017
e) Other expenses of the Group increased from RM538.8
million to RM1,038.2 million, an increase of RM499.4
million. The increase was due mainly to higher foreign
exchange losses on net foreign currency denominated
financial assets in 2017 by RM274.4 million. In addition,
Genting Malaysia had, in 2016, recorded reversal of
expenses over accrued in previous periods in respect
of the United States of America operations.
The above increases were partially offset by lower net fair
value loss on derivative financial instruments in 2017.
Other income and reversal of previously recognised
impairment losses
The decrease in other income of the Group from RM3,002.0
million in 2016 to RM1,770.1 million in 2017 was due mainly
to the recognition of a one-off gain in 2016 of RM1.3 billion
from the disposal of Genting Malaysia’s investment in
Genting Hong Kong. Excluding this one-off gain of RM1.3
billion, the other income of the Group increased in 2017 due
to higher net gain on disposal of available-for-sale financial
assets as well as a gain of RM302.2 million recognised
from the completion of the disposal of Genting Singapore
Group’s 50% interest in its former associate, Landing Jeju
Development Co., Ltd.
The reversal of previously recognised impairment losses of
RM195.2 million in 2016 was mainly in respect of the casino
licences and property, plant and equipment of certain
casinos in the United Kingdom.
Adjusted earnings before interest, tax, depreciation
and amortisation (“adjusted EBITDA”)
The Group’s adjusted EBITDA excludes the effects of non-
recurring items from the operating segments, such as net
fair value gain or loss on financial assets, gain or loss on
disposal of financial assets, gain or loss on derecognition/
dilution of shareholding in associates, project costs
written off, reversal of previously recognised impairment
losses, impairment losses, pre-opening and development
expenses, assets written off, gain or loss on disposal of
assets and share-based payment expenses.
The Group’s adjusted EBITDA in 2017 was RM7,062.6 million
compared with RM6,142.6 million in 2016. Higher EBITDA
was recorded from all the business segments except for
Resorts World Genting in Malaysia and the casino business
in the United Kingdom.
EBITDA of Resorts World Sentosa improved significantly
in 2017 driven by higher revenue, reduction in impairment
on trade receivables and improved operating margins. The
leisure and hospitality business in the United States of
America and Bahamas recorded higher EBITDA, contributed
by higher revenue from Resorts World Casino New York City
operations and lower operating loss from Bimini operations
as a result of cost rationalisation initiatives.
 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE
EBITDA of Plantation-Indonesia increased due mainly to
higher production of fresh fruit bunches whilst EBITDA
of Plantation-Malaysia was comparable with the previous
year as the positive impact of its higher production of fresh
fruit bunches was largely offset by unrealised profit from
intra segment sales.
In Malaysia, Resorts World Genting’s EBITDA was lower
due mainly to higher costs relating to the premium players
business and higher operating costs incurred for the new
facilities under the Genting Integrated Tourism Plan.
Despite higher revenue from the casino business in the
United Kingdom, its EBITDA decreased due to higher net
bad debt written off.
Net foreign exchange losses on net foreign currency
denominated financial assets had impacted the Group’s
EBITDA in 2017 compared with net foreign exchange gains
recorded in 2016.
Finance costs
The Group’s finance costs in 2017 was RM950.1 million
compared with RM678.8 million in 2016. The increase of
RM271.3 million was due mainly to interest on the USD1.5
billion guaranteed notes issued by GOHL Capital Limited
in 2017.
Taxation
Tax expense of the Group increased from RM981.7 million
in 2016 to RM1,069.4 million in 2017. The increase came
mainly from Genting Singapore following a significant
increase in its profit in 2017.
Profit attributable to equity holders of the Company
The profit attributable to equity holders of the Company
decreased from RM2,120.6 million in 2016 to RM1,445.3
million in 2017. The significant decrease was due mainly to
the one-off gain of approximately RM1.3 billion arising from
the disposal of Genting Malaysia’s investment in Genting
Hong Kong in 2016, of which approximately RM0.6 billion
was attributable to equity holders of the Company for that
year.
Liquidity and capital resources
The Group’s capital expenditure and working capital
requirements have been financed by cash generated from
operations and short-term and long-term debts provided
by third party banks and debt investors.
Cash and cash equivalents of the Group increased from
RM25,318.5 million as at 31 December 2016 to RM29,491.9
million as at 31 December 2017.
31
Net cash generated from operating activities of RM6,835.4
million was higher in 2017 compared with RM6,295.3
million generated in 2016. Net cash used in investing
activities of RM1,121.8 million was lower than that of
2016 of RM2,997.4 million. This was due mainly to higher
proceeds arising from the disposal of Genting Singapore’s
former associate and disposal of investments by the Group
in 2017 which totalled RM2,775.0 million compared with
RM1,828.3 million in 2016 which arose primarily from the
disposal by Genting Malaysia of its investment in Genting
Hong Kong. Financing activities in 2017 recorded a net
cash outflow of RM175.8 million compared with RM2,054.8
million in 2016. The lower net cash outflow in 2017 was due
mainly to total proceeds of RM13,442.4 million from the
issuance of Medium Term Notes by GENM Capital Berhad,
issuance of guaranteed notes by GOHL Capital Limited and
proceeds from bank borrowings offset by the redemption
of perpetual capital securities by Genting Singapore which
amounted to RM6,977.7 million, repayment of borrowings
and transaction costs, perpetual capital securities
distribution and higher dividends paid in 2017.
Total loans of the Group increased from RM17,964.6
million as at 31 December 2016 to RM26,969.3 million
as at 31 December 2017. The increase was due mainly to
the guaranteed notes issued by GOHL Capital Limited,
Medium Term Notes issued by GENM Capital Berhad and
unsubordinated Japanese Yen-denominated bonds issued
by Genting Singapore.
The Group’s capital expenditure incurred in 2017 amounted
to RM3,917.1 million, mainly attributable to development
works relating to the Genting Integrated Tourism Plan
undertaken by Genting Malaysia.
Gearing
The gearing ratio of the Group as at 31 December 2017
was 32% compared with 22% as at 31 December 2016.
This ratio is calculated as total debt divided by total
capital. Total debt, which is calculated as total borrowings,
amounted to RM26,969.3 million as at 31 December 2017
(2016: RM17,964.6 million). Total capital is calculated as
the sum of total equity and total debt, which amounted to
RM84,078.2 million in 2017 (2016: RM82,668.9 million).
The increase in the gearing ratio in 2017 was due to the
higher borrowings of the Group which arose mainly from
the guaranteed notes issued by GOHL Capital Limited,
Medium Term Notes issued by GENM Capital Berhad and
unsubordinated Japanese Yen-denominated bonds issued
by Genting Singapore whilst the total capital of the Group
increased only marginally. The perpetual capital securities
of Genting Singapore which amounted to RM7,144.9 million
as at 31 December 2016 and had formed part of the total
equity of the Group were redeemed in 2017. The total
equity of the Group in 2017 had also been impacted by the
total comprehensive loss attributable to equity holders
of the Company which amounted to RM233.4 million
(2016: Total comprehensive income of RM1,789.6 million)
due primarily to net foreign currency exchange losses
suffered in 2017.
ANNUAL REPORT 2017 | GENTING BERHAD
32 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE
Prospects
In Malaysia, the development of the Genting Integrated
Tourism Plan remains the focus of Genting Malaysia as it
prepares to roll out the new Skytropolis indoor theme park
and the highly anticipated Twentieth Century Fox World
Theme Park. With the introduction of new attractions and
facilities at Resorts World Genting, Genting Malaysia will
enhance strategic marketing efforts to grow and expand
into regional markets. Meanwhile, Genting Malaysia will
intensify database marketing to optimise yield management
and improve the overall operational efficiencies and service
delivery at Resorts World Genting. The completion of the
Genting Integrated Tourism Plan expansion will elevate
Resorts World Genting’s position as a premier integrated
resort and destination of choice in the region.
Resorts World Sentosa will continue to curate and re-invest
in new tourist facilities, and re-fresh existing products to
remain attractive to its customers. In parallel, Resorts World
Sentosa is reviewing its processes and guest interaction
touch points to identify areas where it can innovate to
achieve a better customer journey in all its business
segments. Resorts World Sentosa is optimistic that it
will be able to streamline and address various challenges
that it foresees ahead, including manpower constraints.
The fast pace of technology transformation will require
Resorts World Sentosa’s management to be cognitive and
adaptive in exploiting potential opportunities to re-invent
and innovate in many disciplines. In the medium term, this
initiative will improve productivity, expand and refine its
digital marketing and fulfillment, and improve customer
experience.
Genting Singapore is optimistic that the Japan Integrated
Resort Execution Bill will be tabled in this year’s Diet session
which will pave the way for the formal bidding process for
Japan gaming licence. Genting Singapore continues to
be engaged in this significant business opportunity and
Genting Singapore’s management is diligently preparing
for the eventual bidding process. Many global gaming
operators have pronounced their very keen interest to bid,
and Genting Singapore will be facing fierce competition for
the limited number of licences.
In the United Kingdom, the strategy of reducing short-
term volatility in the premium players segment continues
to be effective in delivering sustainable performance.
Management will continue its focus on strengthening its
position in the non-premium players segment by growing
its market share as well as improving business efficiency.
Meanwhile, Resorts World Birmingham expects to see
further improvements in visitation and business volumes.
The management team remains committed to stabilising
operations at the resort as well as its online operations in
the United Kingdom.
GENTING BERHAD | ANNUAL REPORT 2017
In the United States of America, Resorts World Casino
New York City maintained its position as market leader in
terms of gaming revenue in Northeast United States. It
will continue to boost its direct marketing efforts to drive
visitation and frequency of play at the property. Meanwhile,
management remains focused on the USD400.0 million
expansion at Resorts World Casino New York City, which
will include the construction of a new 400-room hotel,
additional gaming space, food and beverage outlets as
well as new retail and entertainment offerings. Upon
completion by end of 2019, this development is expected
to turn Resorts World Casino New York City into a first-
class integrated resort with a multitude of non-gaming
amenities. The US management will also leverage on the
newly renovated Hilton Miami Downtown to grow business
volumes at the property. In the Bahamas, management
remains committed to its ongoing cost rationalisation
initiatives and will continue intensifying its marketing
efforts in the leisure market to drive visitation and volume
of business at the resort.
Genting Plantations’ prospects for 2018 will largely be
driven by the performance of its mainstay Plantation
segment, which in turn is contingent upon the direction of
palm oil prices and the production volume of its fresh fruit
bunches. Palm oil prices are influenced by several factors
including global supply and demand of edible oils, weather
patterns, currency exchange movements, global economic
conditions, as well as the relevant government policies
such as import/export tax, duty regimes and biodiesel
mandates.
Whilst replanting activities are expected to moderate
production of fresh fruit bunches from Genting Plantation’s
Malaysian segment, an overall uptrend is expected in
2018 with higher output from its Indonesian segment
amid additional mature areas from new planting and new
acquisition made in 2017 and an overall better age profile.
For the Property segment, Genting Plantations will
continue to focus on providing affordable residential
housing which caters to a broader market segment given
the prevailing soft market sentiments. Genting Highlands
Premium Outlets has been doing well since opening in
June 2017 and Genting Plantations expects its good
performance to continue into 2018, likely matching that of
Johor Premium Outlets.
The operational availability of the Banten power plant in
Indonesia is expected to remain high, therefore contributing
towards stable earnings of the plant. In Gujarat, India,
contribution from the Jangi wind farm is expected to be
stable despite seasonal factors when the peak period falls
between May to August.
Improving oil prices and steady production from the
Chengdaoxi oil field in China are expected to contribute
to better results from Genting CDX Singapore Pte Ltd.
The Plan of Development for the Kasuri block in Indonesia
is still pending approval from the Ministry of Energy and
Mineral Resources.
 33
2017
HIGHLIGHTS

GENTING SINGAPORE
www.gentingsingapore.com

Genting Singapore owns and operates Resorts World Sentosa (www.rwsentosa.com) in Singapore, one of the largest
fully integrated resorts in Southeast Asia. Since its opening in 2010, Resorts World Sentosa has played a pivotal role in
transforming the tourism landscape in Singapore.

1 2

1 BEST INTEGRATED RESORT FOR 2. MARITIME EXPERIENTIAL MUSEUM

THE SEVENTH CONSECUTIVE YEAR
Resorts World Sentosa won Best Integrated Resort
at the 28th Travel Trade Gazette Awards for the
seventh consecutive year and Best Integrated Resort
(Asia Pacific) at the Travel Weekly Asia Readers’
Choice Awards 2017. Both awards are testament to
Resorts World Sentosa’s multi-faceted appeal as
one of the most sought-after premium lifestyle
destinations.
On 29 December 2017, Resorts World Sentosa
re-opened Maritime Experiential Museum after 9
months of extensive refurbishment works. As Asia’s
only Maritime Silk Road themed attraction, the brand
new edutainment content and interactive hands-on
exhibits within 15 thematic galleries allow visitors to
explore the iconic Maritime Silk Route in an immersive
multi-media setting.

ANNUAL REPORT 2017 | GENTING BERHAD

34 2017 HIGHLIGHTS

3 NEW CELEBRITY CHEF

RESTAURANT TEPPAN BY
CHEF YONEMURA
Adding to the collection of our fine dining
establishments is TEPPAN by Chef Yonemura,
helmed by Kyoto-born Masayasu Yonemura,
chef-owner of Michelin-starred Japanese restaurants.
4 UNIVERSAL STUDIOS SINGAPORE
The restaurant features a three-in-one theatrical
dining concept that combines the artistry and
AND S.E.A. AQUARIUM ACHIEVED
showmanship of teppanyaki, cocktail mixology and NEW MILESTONES
flambé desserts. The attractions at Resorts World Sentosa continued
to attract visitors in 2017. Universal Studios Singapore
and S.E.A. Aquarium achieved new milestones,
3 welcoming their 25 millionth visitor and 10 millionth
visitor in the first quarter of 2017.

5 HALLOWEEN HORROR NIGHTS 6

WON 4 AWARDS
The sixth edition of Universal Studios Singapore’s
Halloween Horror Nights won a total of four awards,
including Best Leisure Event Award and Best
Marketing Idea by the Singapore Tourism Awards
2017; and Most Creative Halloween Haunt for March
of the Dead and Best Female Performer for Live
Entertainment Excellence by the International
Association of Amusement Parks and Attractions
Brass Ring Awards 2017.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 35

6 PIONEERED 3 MAJOR
LIFESTYLE EVENTS
Resorts World Sentosa pioneered three major lifestyle 7 RWS INVITES REBRANDING
events namely MICHELIN Guide Street Food Festival,
Resorts World Sentosa re-launched its non-gaming
RWS Street Eats and the GREAT Food Festival by
loyalty programme, RWS Invites. The efforts to build
seamlessly integrating food and entertainment to
deeper engagement with our loyal customers yielded
produce a one-of-a-kind gourmet visitor experience.
positive results and RWS Invites won two awards at
These multi-faceted entertainment-focused events
The Loyalty & Engagement Awards 2017 – Silver
collectively attracted more than 120,000 visitors.
Award for Best Card-Based Loyalty Programme and
Silver Award for Best Use of Direct Marketing.

8 LAUNCH OF GUARDIANS OF THE

S.E.A.A.
On 8 June 2017, the Aquarium launched Guardians
of the S.E.A.A. – a new conservation group dedicated
to working with the community to protect the
ocean. As part of its line-up of events and education
programmes, the aquarium also hosted its first
National Geographic Photo Exhibition event, which
comprised a series of four exhibitions.

ANNUAL REPORT 2017 | GENTING BERHAD

36 2017 HIGHLIGHTS

GENTING MALAYSIA
www.gentingmalaysia.com

Genting Malaysia owns and operates properties such as Resorts World Genting in Malaysia, Resorts World Birmingham and
other casinos in the United Kingdom, Resorts World Casino New York City in the United States and Resorts World Bimini in
the Bahamas, Crockfords Cairo in Egypt as well as two seaside resorts in Malaysia – Resorts World Kijal and Resorts World
Langkawi.

1 RESORTS WORLD GENTING

www.rwgenting.com

THE FUN NEVER STOPS

2017 was a momentous year for Resorts World Genting as multiple key milestones were achieved under the flagship
Genting Integrated Tourism Plan. In March 2017, the Group unveiled additional new attractions at SkyAvenue, offering
guests a whole new level of exciting entertainment experience. This was closely followed by the roll-out of the Genting
Highlands Premium Outlet in June 2017, a shopping haven for the keen and discerning customers, and the newly
refurbished Theme Park Hotel in July 2017. These attractions are merely the beginning of more exciting things to
come. The completion of this ambitious Genting Integrated Tourism Plan’s expansion will propel Resorts World
Genting to greater heights and elevate its position as the leading integrated resort destination in the world.

The integrated resort attracted over 23.6 million visitors in 2017 (2016: 20.2 million), comprising 28% hotel guests
and 72% day-tripppers. Its hilltop hotels, namely Genting Grand, Maxims, Crockfords Hotel, Resort Hotel and First
World Hotel recorded an overall occupancy rate of 95% in 2017 (2016: 93%).

GENTING BERHAD | ANNUAL REPORT 2017


2 3
2 ESL ONE GENTING
Resorts World Genting kicked off 2017 hosting
Malaysia’s first major e-sports championship – ESL
One Genting. Held in partnership with ESL One, the
world’s largest e-sports network provider, the three
day sold-out event saw eight of the world’s best
Dota 2 teams battling in intense pro matches as
they competed for the prize money of USD250,000.
Owing to the huge success of the 2017 ESL One
Genting, Resorts World Genting again hosted this
iconic tournament on a larger and more exciting scale
in January 2018. Digital Chaos emerged victorious
after defeating Newbee in a gruelling best-of-five
series, taking home the coveted title and trophy.
2017 HIGHLIGHTS 37
3 MISS CHINESE INTERNATIONAL
PAGEANT 2017
Arena of Stars was the focal point in January 2017
when 16 oriental beauties from around the world
competed for Miss Chinese International Pageant.
Presented by Resorts World Genting and Television
Broadcasts Limited, this was the first pageant held
outside Hong Kong. Celebrities such as Tan Sri Dato’
Michelle Yeoh, Simon Yam, Wayne Lai, Niki Chow and
Eric Tsang were among the big names who added
glitz and glamour to the prestigious event with their
attendance.
ANNUAL REPORT 2017 | GENTING BERHAD
38 2017 HIGHLIGHTS

4 INTRODUCTION OF 5 SENIKOME PÉNG HĒNG

ALIPAY MOBILE WALLET
Visitors to Resorts World Genting can now enjoy
added convenience with the introduction of Alipay,
a cashless payment option, at the resort. Launched
in May 2017 as part of the Group’s strategy to grow
Chinese visitation, Resorts World Genting is the first
hospitality merchant in Malaysia to introduce the
popular Alipay platform. Guests can use the mobile
wallet at various attractions and facilities, such as
hotels, F&B and retail outlets at the resort.
SeniKome Péng Hēng (The East Coast Arts & Cultural
Centre) features a thematic showcase of various
authentic arts and cultural elements from Peninsular
Malaysia’s East Coast states of Pahang, Terengganu
and Kelantan. Opened in June 2017, the centre
was introduced in conjunction with our corporate
initiatives to promote the distinctive charm and
legacies from the region. Guests will be mesmerised
by the rich Malaysian heritage presented and will
be inspired by the captivating array of traditional
artifacts and paintings on display.

4 5

6
6 RE-OPENING OF
THEME PARK HOTEL
The newly refurbished 448-room Theme Park Hotel
officially opened its doors to visitors in July 2017.
Formerly known as Hotel on the Park, this boutique
hotel is conveniently located within close proximity
to various attractions at Resorts World Genting, in
particular, the Arena of Stars and the upcoming,
highly anticipated Twentieth Century Fox World
theme park. The hotel boasts fun and creative décors,
as well as facilities well-suited for large families and
groups.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 39

7 SKYSYMPHONY – ASIA’S LARGEST MULTIMEDIA WINCH INSTALLATION

SkySymphony, the new signature attraction located at Times Square at Resorts World Genting, is a free-to-public
performance showcasing an extraordinary orchestra of audio, visual and motion graphics programming. Guests will
be entertained in the spellbinding stories told through a dynamic transformation of 1,001 winch balls suspended from
a four-storey high ceiling. The hourly performance is also accompanied by larger-than-life cinematic visuals and
original music mix.

8 9

8 AN ENCHANTING LED EXPERIENCE 9 NEW CROCKFORDS

Spread across 1,400 square metres and fitted with
1,000 LED bulbs, SkyAvenue’s atrium dazzles visitors
with its impressive three-storey high LED screens,
reputedly the largest installation in Malaysia. A place
where cutting-edge multimedia content lives to
amplify the imagination, the innovative screens offer
a stimulating and immersive experience to guests,
with extravagant displays depicting the four seasons
as well as the lush flora and fauna surrounding
Resorts World Genting.
Opened in late 2017, the new Crockfords Hotel is
Resorts World Genting’s latest addition to its already
impressive array of premium accommodations.
Located adjacent to SkyAvenue, it is one of
Resorts World Genting’s hidden gems featuring
137 sophisticated and tastefully designed rooms,
including 18 uniquely themed Signature Suites which
will allow guests to immerse themselves in ultimate
comfort and luxury.

ANNUAL REPORT 2017 | GENTING BERHAD

40 2017 HIGHLIGHTS

10
10 TOUR THE WORLD WITH SNOOPY
Resorts World Genting added some festive cheer by
inviting visitors to celebrate the year-end holidays
with the world’s favourite neighbourhood beagle.
Situated at various locations in SkyAvenue and
First World Rainforest, guests got in touch with
their inner child as they searched for 52 Snoopy
figurines dressed in diverse custom-made costumes
of different countries and culture. In addition, daily
parade featuring appearances by Snoopy and the
Peanuts gang entertained guests young and old alike.

11

11 RESORTS WORLD BIMINI

www.rwbimini.com

Resorts World Bimini is located on the beautiful island of North Bimini in the Bahamas. Just 50 miles off the coast of
Florida, the islands of Bimini are known as The Gateway to the Bahamas. The 750-acre beachfront resort and casino
features a 305-room Hilton at Resorts World Bimini with amenities such as a rooftop pool, a state-of-the-art spa,
restaurants and lounges, as well as event and meeting spaces, aimed to bring a memorable experience to guests
during their stay at the resort.

In the Bahamas, the ongoing cost rationalisation initiated by Genting Malaysia at Resorts World Bimini have yielded
encouraging results as evidenced by the narrowing losses reported from the property. The team in Resorts World
Bimini remains committed to its ongoing cost rationalisation initiatives and will continue intensifying its marketing
efforts in the leisure market to drive visitation and volume of business at the resort.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 41

12

12 RESORTS WORLD NEW YORK CITY

www.rwnewyork.com

USD400M EXPANSION UNDERWAY

Resorts World Casino New York City, in its 6th year of operations, broke ground in July 2017 on a USD400 million
expansion which will include a new 400-room hotel, F&B outlets, additional gaming space and new retail and
entertainment offerings. Upon completion, the expansion will enable visitors from around the world to enjoy the
ultimate play, stay, dine and shop experience under one roof. This expansion is expected to turn Resorts World Casino
New York City, currently one of the leading entertainment resort in the New York state, into a first-class integrated
resort with a multitude of non-gaming amenities. The property is operated by Genting New York LLC, a wholly owned
subsidiary of Genting Malaysia.

ANNUAL REPORT 2017 | GENTING BERHAD

42 2017 HIGHLIGHTS

13

13 GENTING UK
www.gentingcasinos.co.uk

Genting UK is one of the largest casino operators in the United

Kingdom with over 40 operating casinos. Its properties include
6 casinos in London that feature four of the most prestigious
club brands in the capital city, namely Crockfords – the world’s
oldest private gaming club, the Colony Club, Maxims Casino
Club and The Palm Beach. Genting UK also owns and operates
a hotel in London.

It owns and manages Resorts World Birmingham, Europe’s first

leisure and entertainment resort which celebrated its second
anniversary in October 2017. The resort’s attractions include
50 outlet stores, 18 stylish bars and restaurants, an 11-screen
cinema, the stunning Genting Hotel, the luxury Santai Spa and
the exhilarating Genting International Casino.

It also operates Crockfords Cairo, which opened its doors in

2016. Situated inside the city’s world famous Nile Ritz-Carlton,
this luxury and exclusive casino is the Group’s first venture and
first ‘Crockfords’ in the Middle East.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 43

RESORTS WORLD LAS VEGAS

www.rwlasvegas.com

The Resorts World Las Vegas project achieved several key milestones in 2017. It began full construction mobilisation on-site
to allow an initial opening of the modern Asian-themed integrated resort by the end of 2020. Elements of the project will
include two hotel towers (comprising rooms and suites encompassing multiple brands) and a podium featuring a casino and
other resort amenities such as restaurants, bars, retail shops and nightlife by Zouk.

In May 2017, Mr Edward Farrell was appointed President of Resorts World Las Vegas. Mr Farrell has over 30 years of gaming
experience in both regional and destination integrated resorts including the Mirage, Resorts World Casino New York City
and Resorts World Bimini.

In October 2017, W.A. Richardson Builders was appointed as the project’s construction manager. W.A. Richardson Builders
has developed some of the most iconic structures in Las Vegas over the last 30 years, including the Mandalay Bay and
Monte Carlo resorts.

By the end of 2017, Resorts World Las Vegas had awarded over USD600 million in construction contracts. Mobilisation of
workers and project equipment has been on-going with five tower cranes installed and operational on site as of early 2018.

ANNUAL REPORT 2017 | GENTING BERHAD

44 2017 HIGHLIGHTS

GENTING PLANTATIONS
www.gentingplantations.com

1 Genting Plantations has over 247,600 hectares of landbank, comprising some 64,600 hectares in Malaysia and
some 183,000 hectares (including the Plasma scheme) in Indonesia. It owns seven oil mills in Malaysia and four in
Indonesia with a total milling capacity of 550 metric tonnes of fresh fruit bunches (“FFB”) processed per hour. Since
commencing operations in 1980, Genting Plantations now has ventured into manufacturing of downstream palm oil-
based products, property development, and biotechnology.

SUMMARY OF OPERATIONS & LAND AREA

2017 2016
Malaysia Indonesia Total Malaysia Indonesia Total
OPERATIONS
OIL PALM
FFB Production (mt) 1,220,407 663,538* 1,883,945 1,134,803 479,334* 1,614,137
Yield Per Mature Hectare (mt) 22.9 13.1 18.4 20.7 12.6 17.5
Average Selling Prices
Crude Palm Oil (RM/mt) 2,820 2,554 2,715 2,700 2,477 2,631
Palm Kernel (RM/mt) 2,561 2,182 2,443 2,583 2,137 2,477
LAND AREA (Hectares)

Oil Palm > Mature 52,194 58,091 110,285 54,388 38,303 92,691
> Immature 6,886 26,733 33,619 4,831 33,637 38,468
59,080 84,824 143,904 59,219 71,940 131,159
Oil Palm (Plasma) > Mature - 11,446 11,446 - 7,756 7,756
> Immature - 3,852 3,852 - 2,271 2,271
- 15,298 15,298 - 10,027 10,027
TOTAL PLANTED AREA 59,080 100,122 159,202 59,219 81,967 141,186
Unplanted Area 149 81,849 81,998 273 113,630 113,903
Buildings, Infrastructure, etc. 5,087 1,056 6,143 5,054 969 6,023
Property Development 312 - 312 309 - 309
5,548 82,905 88,453 5,636 114,599 120,235
TOTAL LAND AREA 64,628 183,027 247,655 64,855 196,566 261,421

*excluding Plasma

GENTING BERHAD | ANNUAL REPORT 2017


PLANTATION - MALAYSIA
2 There was a notable improvement in FFB from its
Malaysian operations due to the more favourable
weather conditions and higher FFB yield recovery
throughout 2017. FFB production increased 8% year-
on-year to 1.22 million metric tonnes, with FFB yield
increasing by 11% to record 22.9 metric tonnes per
hectare in 2017. Despite the recovery in production,
crude palm oil (“CPO”) prices continued to strengthen
in 2017 as the rebound in overall supply was lower than
expected for 2017. The average CPO and palm kernel
prices achieved in 2017 were RM2,820 per metric
tonne and RM2,561 per metric tonne respectively.
2 3
4 5
4 Genting Plantations achieved another significant
milestone in its mechanisation efforts by winning
the Merit Award in the 3rd MPOB International
Competition on Oil Palm Mechanisation (“ICOPM3”)
for the category of “Loose Fruit Collection Technology”.
The award-winning solution, which reduces manual
labour for loose fruit recovery, is a fully-automated,
tractor-pulled invention which not only collects but
also sieves for clean loose fruits.
2017 HIGHLIGHTS 45
3 Genting Plantations’ oil mills in Malaysia recorded
an average oil extraction rate of 20.8%, a marginal
decrease compared to 21.0% in 2016, spurring efforts
to uplift the extraction ratio in the face of significantly
higher rainfall in 2017 and crop quality challenges.
Various initiatives aimed at improving the quality
of FFB were implemented, particularly in ensuring
timely FFB deliveries to the oil mills. Aimed to enhance
operational efficiency and reduce labour dependency,
varying mechanised and automation processes were
introduced at the estates and oil mills. To date, the
Malaysian estates are nearly fully mechanised in all
areas possible, whilst two of Genting Plantations’
oil mills are automated and require minimal human
supervision.
Genting Jambongan Oil Mill, Sabah
Replant at Genting Tanjung Estate, Sabah
5 Genting Plantations has in place a five-year
replanting roadmap in Malaysia to address the ageing
profile of the planted area as well as key soil and
water conservation initiatives to maintain long-term
soil health and put in place initiatives to achieve high
early yields.
To-date, more than half of Genting Plantations’
oil mills and 65% of total planted areas have been
certified by the Roundtable for Sustainable Palm Oil
(“RSPO”). All oil mills and their supply bases remain
certified to International Sustainability and Carbon
Certification (“ISCC”) EU and ISCC PLUS standards.
ANNUAL REPORT 2017 | GENTING BERHAD
46 2017 HIGHLIGHTS

PLANTATION - INDONESIA

6 In Indonesia, Genting Plantations recorded nearly
664,000 metric tonnes in FFB production, a significant
increase of 38% year-on-year and contributing 35%
to its total FFB output in 2017. The higher production
was due to improved weather conditions, yield
recovery, additional newly-mature harvesting areas,
acquisition of planted areas and the movement of the
average palm age to a higher-yielding bracket.
On 10 October 2017, Genting Plantations completed
the acquisition of an 85% equity interest in PT
Kharisma Inti Usaha from Lee Rubber Company
(Pte) Ltd, with a landbank of 19,212 hectares, and a
60-metric tonne per hour oil mill in South Kalimantan.
This strategic move expanded the total planted
hectarage and improved the overall FFB production
and oil mill processing capacity in 2017.

Genting Plantations’ fourth oil mil in Indonesia - KIU Oil Mil

7 Among our Group’s oil mills in Indonesia, 7

PT Sepanjang Inti Surya Mulia and its supply bases
were the first operating unit to be certified to the
Indonesian Sustainable Palm Oil (“ISPO”) standard,
and were audited for RSPO certification in 2017.

Mulia Oil Mill

GENTING BERHAD | ANNUAL REPORT 2017


8
Genting Indahpura - Kensington Project
9 10
9 JOHOR PREMIUM OUTLETS
www.premiumoutlets.com.my
Johor Premium Outlets, in its sixth year of operations,
continued to deliver commendable performance in
2017. As the first Premium Outlet Center in Malaysia
and Southeast Asia, the centre is home to 130 designer
and name brand outlet stores, featuring savings up to
65% every day with a gross leasable area of 269,000
square feet.
2017 HIGHLIGHTS 47
8 GENTING PROPERTY
Genting Property Sdn Bhd (“Genting Property”) is
the property arm of Genting Plantations. Despite
another lacklustre year for the local property market
with supply outstripping demand, Genting Property
delivered a fair performance in 2017. Genting
Indahpura, the flagship development of Genting
Property remained the largest contributor with total
sales of RM124.6 million, mainly generated from its
residential properties, and representing a 25% year-
on-year increase. Genting Pura Kencana in Batu
Pahat, Johor, reported an increase of 21% in sales
to record RM25.4 million in 2017. There were limited
new launches in 2017 as the focus was to sell existing
inventories and the balance of properties under
construction. Marketing initiatives were boosted with
promotional packages, rebates and roadshows which
contributed to the increase in sales for 2017.
10 GENTING HIGHLANDS PREMIUM
OUTLETS
www.premiumoutlets.com.my
Genting Highlands Premium Outlets, the first hilltop
Premium Outlet Center in the world, opened its
doors in June 2017. This new retail landmark is the
second under Genting Plantations’ joint venture with
U.S.-based Simon Property Group after Johor
Premium Outlets and features direct access to the
new Awana Skyway, a boon for visitor footfall due to
its proximity to Resorts World Genting.
Developed at a cost of RM200 million, Genting
Highlands Premium Outlets is located 3,000 feet
above sea level and has a gross leasable area of
275,000 square feet. It is home to 150 designer and
name brand outlet stores and has posted excellent
visitor and revenue numbers within its first six
months of operations.
ANNUAL REPORT 2017 | GENTING BERHAD
48 2017 HIGHLIGHTS

11

11 DOWNSTREAM MANUFACTURING

Palm Oil Refinery
Genting Plantations’ maiden palm oil refinery, namely Genting
MusimMas Refinery, commenced operations in 2017. The refinery,
which has a processing capacity of 600,000 metric tonnes per
annum is based in the Palm Oil Industrial Cluster Lahad Datu,
Sabah and is a collaboration between Genting Plantations and
Musim Mas Group.
Genting Integrated Biorefinery Complex

Throughout 2017, GMMR produced processed palm oil (“PPO”)

in the form of refined, bleached and deodorised (“RBD”) palm oil,
RBD palm olein, RBD palm stearin, and palm fatty acid distillate (“PFAD”), achieving an average utilisation rate of
nearly half its maximum capacity. For the year ahead, GMMR’s capacity utilisation is expected to improve in tandem
with the anticipated increase in raw CPO feedstock in 2018.

During the year, GMMR has successfully obtained certifications by numerous local and international dietary, industrial
safety and sustainability authorities. As of 31 December 2017, GMMR holds certifications from RSPO, ISCC EU and ISCC
PLUS, Italian National Scheme (“INS”) for palm fatty acid distillate. GMMR also holds food safety certification such as
Hazard Analysis and Critical Control Points (HACCP) by SIRIM, Makanan Selamat Tanggungjawab Industri (“MeSTI”)
certification by the Ministry of Health Malaysia, Halal certification by the Department of Islamic Development Malaysia
(“JAKIM”) and Kosher certification by KLBD Kosher. These achievements underline Genting Plantations’ commitment
to the highest international standards and customer requirements, opening doors for new markets whilst adding value
to existing ones.

Biodiesel Production
The biodiesel industry faced another challenging year in 2017 with further delays of the Malaysian government’s
B10 blending mandate, more stringent product requirements by buyers for palm biodiesel, increased lobbying by
environmentalists and a wide palm-oil-gas-oil spread which discouraged discretionary blending. 2017 also saw the
European Union parliament proposing a ban on palm oil biodiesel by 2021, which met with fervent protests from
Malaysian industry players.

Genting Plantations biodiesel production was backed by local demand from the nation’s B7 biodiesel mandate, with
local sales to petroleum terminals in Sabah and Labuan. Within the first quarter of the year, Genting Plantations
became the main supplier of biodiesel to two of the petroleum companies operating in Sabah, thus raising its local
market share from that of previous year. In addition, the Division had also exported to the EU, as well as previously
untapped markets.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 49

12

Oil palms at field trial plots ACGT Laboratories

12 BIOTECHNOLOGY
The Biotechnology Division conducts ongoing research and development (“R&D”) focusing on increasing yield and
productivity of the oil palm. Through ACGT Sdn Bhd (“ACGT”) and Genting AgTech Sdn Bhd (“GAT”), its seed production
unit, several of the Division’s products underwent field evaluation while others moved closer to commercial viability in
2017.

ACGT, the genomic and microbial technology arm of Genting Plantations continued with field trials of oil palm
plantings screened with yield-associated markers. The trials, which started in 2015, covered over 1,000 hectares
across Genting Plantations’ estates. This initiative aims to capitalise on ACGT’s DNA marker technology developed
through a decade-long investment in whole genome sequencing using ACGT’s Titanium Platform Technology – the
industry’s most comprehensive oil palm reference genome. Preliminary findings from the first planted plots have
generated encouraging results and Genting Plantations intends to improve its marker identification database with
other yield component traits.

Complementing the research done by ACGT, GAT continues to implement ACGT’s genomic techniques at the breeding
stage. By leveraging on its growing germplasm inventory and marker database, GAT has supplied Genting Plantations’
estates with potentially high-yielding planting materials selected through genomic means. Through this approach,
higher-yielding cultivars can be identified with greater precision in a shorter timeframe. In 2017, GAT continued to build
upon its various collaborations, including the Department of Agriculture Sabah, to evaluate its marker technology.

Yield Booster, a microbial-based biofertiliser developed exclusively by ACGT, is now being used on a large scale in
several of Genting Plantations’ estates. Since the start of trials in 2014, field data has demonstrated a reduction in
inorganic fertiliser requirement by 25%, and an increase of up to 15% in crop yield are possible with Yield Booster
application. Buoyed by these encouraging results, Genting Plantations will continue to increase Yield Booster
application over a larger area while exploring avenues for commercialisation.

The palm oil industry continues to be threatened by the presence of basal stem rot, a disease fatally afflicting oil palms
caused by the Ganoderma boninense fungus. Apart from the development of an organic, microbiological formulation
to control the spread of the disease, ACGT has embarked on a method for early detection of the pathogen through the
application of comparative genomics, which not only identifies the Ganoderma fungus but can differentiate between
pathogenic and non-pathogenic variants. If proven effective and replicable, such a method, for which patent has been
filed, would be much sought after for replanting analysis and decision-making.

ANNUAL REPORT 2017 | GENTING BERHAD

50 2017 HIGHLIGHTS

GENTING ENERGY
www.gentingenergy.com

Genting Energy comprises the power and oil & gas business activities of the Group.

1 Genting Power Holdings Limited (“Genting Power”) spearheads the power businesses of the Group. Its net attributable
operating capacity is 2,061MW from its interests in coal-fired, gas-fired and wind power plants in Indonesia, China and
India, including two newly commissioned coal-fired power plants in Indonesia and China.

Genting Oil & Gas Limited (“Genting Oil & Gas”) spearheads the oil and gas businesses of the Group.

Power related assets

Oil & Gas related assets

Chengdaoxi Block, China

Lanco Kondapalli power plant, India Meizhou Wan power plant, China

Jangi wind farm, India

Kasuri Production Sharing Contract, Indonesia

Lanco Tanjore power plant, India

Banten power plant, Indonesia

2 3

2 In China, Genting Power has interests in two power
plants, namely:
• 49% owned 724MW Meizhou Wan coal-fired
power plant (Phase I) (“MZW I”) in Putian, Fujian;
and
• 49% owned 2x1,000MW ultra-supercritical coal-
fired power plant (Phase II) (“MZW II”) adjacent
to MZW I.
3 In India, Genting Power has interests in three power
plants, namely:
• 100% owned 91.8MW Jangi wind farm in Gujarat.
• 41.6% owned 113MW Lanco Tanjore power plant in
Tamil Nadu; and
• 15.3% owned Lanco Kondapalli power plant in
Andhra Pradesh (comprising 368MW Phase I,
366MW Phase II and 740MW Phase III);

Genting Power co-developed MZW II with SDIC During the year, the effective interest in Lanco
Power Holdings Co. Ltd. (“SDIC”), a China state- Kondapalli was diluted from 31.9% to 15.3% as a
owned enterprise. MZW II successfully achieved full result of a debt restructuring exercise by the lenders
commercial operations in September 2017. of the company.

GENTING BERHAD | ANNUAL REPORT 2017

 2017 HIGHLIGHTS 51

4 In Indonesia, the 55% owned 660MW supercritical coal-fired power plant (Phase I) in Banten, West Java
(“Banten I”) successfully achieved commercial operations in March 2017. The plant has achieved more than 90%
availability since the commencement of its commercial operations. Banten I operates on a 25-year power purchase
agreement on a build-operate-transfer basis that was signed with PT PLN (Persero).

5 6

5 Genting Oil & Gas’ wholly owned subsidiary, Genting

CDX Singapore Pte Ltd has a 57% working interest in
the Petroleum Contract for the Petroleum Exploration,
Development and Production in Chengdaoxi Block in 6 The Genting Oil & Gas team has onshore oil and
the shallow waters of Bohai Bay, China. Bohai Bay gas exploration activities in the Kasuri Production
contains significant oil and gas reserves and provides Sharing Contract in West Papua, Indonesia. The plan
much of China’s offshore production. of development for the Asap-Kido-Merah discoveries
has been recommended to the Indonesian oil and gas
In 2017, the Chengdaoxi Block project delivered regulator. The approval of the plan of development by
approximately 2.8 million barrels of oil and Genting the Indonesian government is targeted by 2018.
Oil & Gas’ share was 1.6 million barrels. Chengdaoxi
Block has an area of 29 square kilometres and has
consistently produced close to 8,000 barrels of oil per
day. China’s China Petroleum & Chemical Corporation
(Sinopec) is the partner of this joint venture.

ANNUAL REPORT 2017 | GENTING BERHAD

52
AWARDS &
ACCOLADES
GENTING SINGAPORE
Resorts World Sentosa
Best Integrated Resort (7th consecutive year)
(TTG Travel Awards 2017)
Best Integrated Resort (Asia Pacific)
(Travel Weekly Asia Readers’ Choice Award 2017)
Corporate Platinum Award
(Community Chest Awards 2017)
Universal Studios Singapore
Best Theme Park
(Travel Weekly Asia Readers’ Choice Award 2017)
1st Amusement Park in Asia
(TripAdvisor Travellers’ Choice 2017)
Adventure Cove Waterpark
8th Water Park in Asia
(TripAdvisor Travellers’ Choice 2017)
Best Customer Service (Attractions)
(Singapore Tourism Awards 2017)
Halloween Horror Nights 6,
Universal Studios Singapore
Best Leisure Event & Best Marketing Idea
(Singapore Tourism Awards 2017)
Best Event (Digital Integration) Gold Award 2017
(The Marketing Events 2017)
CURATE
Best Western Fine Dining
(Restaurant Association of
Singapore Epicurean Star Award)
Joël Robuchon Restaurant - Three Michelin stars
L’Atelier de Joël Robuchon - Two Michelin stars
Osia Steak and Seafood Grill - One Michelin star
(Michelin Guide Singapore 2017)
Hard Rock Hotel Singapore
Singapore Green Hotel Award 2017-2018
(Singapore Green Hotel Award)
Equarius Hotel
Asia’s Leading Hotel Suite 2017
(World Travel Awards)
GENTING BERHAD | ANNUAL REPORT 2017
GENTING MALAYSIA
Genting Malaysia Berhad
Gold Award for Outstanding Tourism Achievement
(Malaysia Tourism Council Gold Awards 2017)
Resorts World Genting
Most Popular Tourist Attraction of 2017
(2017 Red Coral Award of Asia Tourism by 21st Century
Business Herald and College of Tourism and Service
Management of Nankai University, China)
Gold Award for Theme Park/Family Attraction
(Reader’s Digest Trusted Brands Asia 2017)
Bronze Winner in Transportation, Travel & Tourism
Category and Entertainment Category
(Putra Brand Awards 2017 by Association of Accredited
Advertising Agents Malaysia)
Resorts World Birmingham
Genting Hotel - Certificate of Excellence
(TripAdvisor)
GENTING PLANTATIONS
Genting Jambongan Oil Mill
The first oil mill in Malaysia with zero discharge
Genting Indahpura
The Best Urban Lifestyle Development under the
Mixed-use/Hospitality/Commercial category
(Dot Property Southeast Asia’s Best of the
Best Awards 2017)
Johor Premium Outlets
“Most Impactful Investment” (Silver Winner)
(Iskandar Malaysia Accolades 2016/17)
GENTING ENERGY
Banten Power Plant
Indonesia Best Electricity Award 2017
Winner of Best Efficiency Power Plant in Indonesia
(Indonesian Ministry of Energy and Mineral Resources)
Meizhou Wan Power Plant Phase II
30th International Power Management Association
Project Excellence Award 2017 held at Kazakhstan
Gold winner of Mega-sized Category Projects
(International Project Management Association)
 SUSTAINABILITY 53

STATEMENT

Genting Berhad recognises the importance of developing its global business investments in a sustainable and responsible
manner. As a responsible corporation with diverse business investments, our mission is to ensure high standards of
governance across the Genting Group’s entire operations, promote responsible business practices within the organisation,
manage the environmental impact of our businesses, provide a safe and caring workplace for our employees and meet the
social needs of the community and nation for the betterment of all.

The principles and values espoused by our beloved Founder, the late Tan Sri Dato’ Seri (Dr) Lim Goh Tong, namely Hard Work,
Honesty, Harmony, Loyalty and Compassion have always been embedded in our work culture and business practices and are
known collectively as the Genting Core Values. They form the underlying workplace principles for our employees, covering
professionalism and ethics, efficiency and responsibility and reflect our continuous pursuit to enhance the corporate values
of the Genting Group.

KEY PERFORMANCE HIGHLIGHTS IN 2017

Group Revenue of Employing over Investments with Benefitted over

RM 20.0 55,000 operations in

120,000
billion people globally
9 countries people in
community
across 4 philanthropy
continents

Group Assets Consistent dividends Genting Berhad - Resorts World properties

Employed of payouts to shareholders Market Capitalisation of attracted more than

RM 93.6 21.5 sen RM35.2 55 million

visitors worldwide
billion per ordinary share
billion
as at 31 December
2017

As an equal opportunity employer that embraces diversity in the workplace, we strive to maintain an inclusive work
culture that supports diverse talent to contribute positively to the growth and productivity in line with the Genting Group’s
vision and mission. The Genting Group provided full time employment to over 55,000 people7 of diverse nationalities
across the world with 27% Malaysians8 and the remaining 73% from other countries including but not limited to Singapore,
Indonesia, China, United Kingdom, United States of America and Bahamas. The male to female employee ratios is 66:34 with
age below 30 (28%), between 30 to 55 (67%) and above 55 (5%).

The 2017 Sustainability Report is the second annual sustainability report of Genting Berhad, prepared in accordance to
the GRI Standards 2016: Core option and the Sustainability Reporting Guidelines 2015 issued by Bursa Malaysia Securities
Berhad.

As a global conglomerate with operations in diverse industry sectors, we are mindful of the topics that matter most to our
stakeholders. Our focal areas thus vary across our businesses, with each key subsidiary, namely Genting Singapore, Genting
Malaysia, Genting Energy and Genting Plantations focusing on the sustainability themes applicable to their respective
operations.

7 Full-time employees from Genting Berhad, Genting Malaysia, Genting Singapore, Genting Plantations and Genting Energy as at 31 December 2017.
8 Malaysians comprised Malays (42%), Chinese (43%), Indians (9%) and Others (6%) as at 31 December 2017.

ANNUAL REPORT 2017 | GENTING BERHAD

54 SUSTAINABILITY STATEMENT

The 2017 Sustainability Report has 4 sections – Overview, Part 1, Part 2 and Appendix. The Overview covers the information
about Genting Berhad and the strategic message from its President and Chief Operating Officer. Part 1 covers the
sustainability approach taken to review and update the 5 Sustainability Pillars identified in 2016 for Genting Berhad and
its principal wholly owned unlisted subsidiary, Genting Energy and where applicable, the Genting Group. The management
approach on the updated sustainability pillars and their material topics is also disclosed in Part 1 of this Report.

Following an internal materiality assessment, the fifth sustainability pillar was updated to “community care” instead of
“stakeholder engagement and development” with corporate social responsibility as the material sustainability topic of this
pillar. The material topics within the 5 Pillars were also assessed and updated to produce a more balanced report with
improved clarity. The 5 Sustainability Pillars, updated in 2017, support the overall sustainability direction for Genting Berhad
and Genting Energy, with common core values and sustainability principles that transcend across the Genting Group.

5 Sustainability Pillars of Genting Berhad and Genting Energy

Maintaining the Regulatory Corporate Culture, Leadership and Community

Integrity of Compliance Branding and Succession Planning Care
Our Assets Reputation

Economic Performance Our Workforce

System Efficiency Maintaining License Brand and Talent Attraction and

to Operate Reputation Management

Sustainability of Genting Adequate and Reliable Ethical Business Occupational Corporate Social
Berhad’s subsidiaries Financial Disclosures Conduct Safety and Health Responsibility

Investment Portfolio Environmental Responsible Employee Development

Management Procurement Practices

Intellectual Property Succession Planning

Part 2 covers the summary sustainability reports of Genting Berhad’s listed subsidiaries, namely Genting Singapore PLC,
Genting Malaysia Berhad and Genting Plantations Berhad. Each listed subsidiary has produced a detailed 2017 sustainability
report that provides more information on their sustainability performances. These reports can be found on their respective
corporate websites. The Appendix section is on GRI Content Index, which covers the referencing of this Report to GRI
Standards 2016: Core option.

As part of our digitisation efforts, the 2017 Sustainability Report is available online and can be downloaded from our
corporate website at www.genting.com.

This Sustainability Statement is made in accordance with a resolution of the Board of Directors dated 27 February 2018.
GENTING BERHAD | ANNUAL REPORT 2017
 CORPORATE GOVERNANCE 55
OVERVIEW STATEMENT

It is the policy of the Company to manage the affairs of the Group, in particular the Company and its directly owned unlisted
subsidiaries in accordance with the appropriate standards for good corporate governance.

The new Malaysian Code on Corporate Governance (“MCCG”) issued in April 2017 supersedes the Malaysian Code on Corporate
Governance 2012.

The MCCG covers three broad principles namely Board Leadership and Effectiveness, Effective Audit & Risk Management and
Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders.

Pursuant to the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the
Company has completed the prescribed Corporate Governance Report for financial year 2017 which is made available at the
Company’s website at www.genting.com.

Set out below is a summary of the extent to which the Company has applied/adopted the practices encapsulated in the
Principles of the MCCG save for certain departure/non-adoption of the Principles of the MCCG.

Principle A – Board Leadership and Effectiveness

I. Board Responsibilities

Intended Outcome

1.0 Every company is headed by a board, which assumes responsibility for the company’s leadership and is collectively
responsible for meeting the objectives and goals of the Company.

Applied/Departure
Adopted/Not
Practice 1.1
The board should set
the company’s strategic
aims, ensure that the
necessary resources are
in place for the company
to meet its objectives
and review management
performance. The board
should set the company’s
values and standards, and
ensure that its obligations
to its shareholders and
other stakeholders are
understood and met.
Adopted Summary of governance practices of the Company
Applied The Board has overall responsibility for the proper conduct of the
Company’s business in achieving the objectives and long term
goals of the Company. The Company’s values and standards and
the Board’s responsibilities are set out in the Board’s Charter.
Corporate strategies as well as the annual plan are presented to
the Board as part of the ongoing plans in achieving the objectives
and long term goals of the Company by focusing on its core values
and standards through the vision and mission of the Company set
out in the Board Charter mentioned in Practice 2.1.
The details of Directors’ attendances during the financial year 2017
are set out below:
Number of
Name of Directors Meetings Attended
Tan Sri Lim Kok Thay #5 out of 5
Tun Mohammed Hanif bin Omar 4 out of 4
Mr Lim Keong Hui #5 out of 5
Dato’ Dr. R. Thillainathan 4 out of 4
Tan Sri Dr. Lin See Yan 4 out of 4
Datuk Chin Kwai Yoong #5 out of 5
Tan Sri Foong Cheng Yuen 4 out of 4
Madam Koid Swee Lian *0 out of 0
(Appointed on 23.11.2017)

# An additional Board meeting was convened to approve the

appointment of the Directors who had retired at the 49th Annual
General Meeting of the Company held on 1 June 2017 pursuant to
Section 129 of the Companies Act, 1965.
* No Board Meetings were convened in 2017 subsequent to the
appointment of Madam Koid Swee Lian.

ANNUAL REPORT 2017 | GENTING BERHAD

56 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

I. Board Responsibilities (cont’d)

Intended Outcome (cont’d)

1.0 Every company is headed by a board, which assumes responsibility for the company’s leadership and is collectively
responsible for meeting the objectives and goals of the Company. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 1.2 Applied The present Chairman of the Board is Tan Sri Lim Kok Thay who
A Chairman of the board who is responsible for instilling good corporate governance practices,
is responsible for instilling leadership and effectiveness of the Board.
good corporate governance
practices, leadership and The key responsibilities of the Chairman are provided in the
effectiveness of the board is Corporate Governance Report.
appointed.
Practice 1.3 Departure The Board is mindful of the dual role of Chairman and Chief
The positions of Chairman Executive held by Tan Sri Lim Kok Thay and is of the view that there
and CEO are held by are sufficient experienced and independent–minded Directors on
different individuals. the Board to provide sufficient check and balance. Given that there
are five experienced Independent Directors representing more
than 50% of the Board, the Board collectively would be able to
function independently of management. This allows for effective
oversight of the management as well as to support objective and
independent deliberation, review and decision making.

Having joined the Board in 1976, Tan Sri Lim Kok Thay has
considerable experience in the Group’s businesses and provides
leadership to the Board in considering and setting the overall
strategies and objectives of the Company.

The Board is of the view that it is in the interest of the Company

to maintain the above arrangement so that the Board could have
the benefit of a chairman who is highly knowledgeable about
the businesses of the Group, the territories globally in which the
Group operates in, sets the overall strategies, conceptualises plans
and leads the execution of all major development projects and
investments, capable of guiding discussions at Board meetings
and who is able to brief the Board in a timely manner on key
issues and developments that may directly or indirectly affect any
of the businesses of the Group. In addition to his role and duties
as the Chairman and Chief Executive of the Company, he is also
the Chairman and Chief Executive of Genting Malaysia Berhad,
Executive Chairman of Genting Singapore PLC and the Chief
Executive of Genting Plantations Berhad.

The Chairman commenced employment with the Company in

August 1975 at the age of 24. He held various positions over his
more than 40 years in the Company and was appointed as the
President and Chief Executive on 27 November 2002, before
he assumed the position of Chairman of the Company and
redesignated as Chairman, President and Chief Executive of
the Company on 1 January 2004 upon the retirement of his late
father, the founder, Tan Sri Lim Goh Tong. Subsequently, the
Chairman was redesignated as the Chairman and Chief Executive
of the Company on 1 July 2007. The Chairman is a beneficiary
of discretionary trusts and is deemed interested in the ordinary
shares representing approximately 42.6% voting interest in the
Company, details as disclosed under the Register of Substantial
Shareholders in the Annual Report 2017.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 57
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

I. Board Responsibilities (cont’d)

Intended Outcome (cont’d)

1.0 Every company is headed by a board, which assumes responsibility for the company’s leadership and is collectively
responsible for meeting the objectives and goals of the Company. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
In the annual board assessment conducted, the role of the
Chairman was also assessed in terms of his ability to lead the
board effectively, encourage contribution and participation from
all members, effectiveness in chairing the general meeting and
able to answer queries satisfactorily.

The strong score rating awarded by the Directors in connection

with the annual assessment of the Chairman’s role provided the
necessary measure and justification that Tan Sri Lim Kok Thay
understands the two separate roles and is able to distinctly carry
out such roles and responsibilities required of him in achieving the
intended outcome of ensuring that the Company is headed by a
Board, which assumes responsibility for the Company’s leadership
and is collectively responsible for meeting the objectives and goals
of the Company.

The Independent Non-Executive Directors, who form the majority

of Board members, provide a check and balance and play a role to
ensure a clear separation between the policy-making process and
day-to-day management of the Group’s businesses.

From time to time, the Board takes measures to evaluate the

Practice 1.4
The board is supported
by a suitably qualified
and competent Company
Secretary to provide sound
governance advice, ensure
adherence to rules and
procedures, and advocate
adoption of corporate
governance best practices.
Practice 1.5
Directors receive meeting
materials, which are
complete and accurate
within a reasonable period
prior to the meeting. Upon
conclusion of the meeting,
the minutes are circulated
in a timely manner.
appropriateness of the dual roles of the Chairman and Chief
Executive performed by the same individual and ensures that the
arrangement will continue to be in the interests of the Company
and its shareholders as a whole.
Applied The Company Secretary, an Associate member of The Malaysian
Institute of Chartered Secretaries and Administrators, satisfies the
qualification as prescribed under Section 235(2) of the Companies
Act, 2016 and has the requisite experience and competency in
company secretarial services.
Applied Notice of meetings setting out the agenda and accompanied by the
relevant Board papers are given to the Directors with sufficient
time for the Directors to review, seek additional information and/or
clarification on the matters to be deliberated at Board meetings.
The minutes of meetings are prepared and circulated to all the
Directors for their review and approval.

ANNUAL REPORT 2017 | GENTING BERHAD

58 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

I. Board Responsibilities (cont’d)

Intended Outcome (cont’d)

2.0 There is demarcation of responsibilities between the board, board committees and management.

There is clarity in the authority of the board, its committees and individual directors.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 2.1 Applied The Board Charter adopted by the Board clearly sets out the
The board has a board respective roles and responsibilities of the Board and the
charter which is periodically management to ensure accountability. The Board Charter is made
reviewed and published available on the Company’s website at www.genting.com.
on the company’s website.
The board charter clearly
identifies -
• the respective roles and
responsibilities of the
board, board committees,
individual directors and
management; and
• issues and decisions
reserved for the board.

3.0 The board is committed to promoting good business conduct and maintaining a healthy corporate culture that
engenders integrity, transparency and fairness.

The board, management, employees and other stakeholders are clear on what is considered acceptable behaviour and
practice in the company.

Applied/Departure
Adopted/Not
Practice 3.1
The board establishes
a Code of Conduct and
Ethics for the company, and
together with management
implements its policies
and procedures, which
include managing conflicts
of interest, preventing the
abuse of power, corruption,
insider trading and money
laundering.
The Code of Conduct and
Ethics is published on the
company’s website.
Practice 3.2
The board establishes,
reviews and together with
management implements
policies and procedures on
whistleblowing.
Adopted Summary of governance practices of the Company
Applied The Company has a Code of Conduct and Ethics which applies to all
employees and Directors of the Group and its unlisted subsidiaries.
The Code, together with other related policies, procedures and
guidelines which are disseminated to employees at the Company’s
intranet portal, sets out the principles to guide standards of
behaviour and business conduct when employees and Directors
deal with third party and these are integrated into company-wide
management practices.
The Directors observe the Company Directors’ Code of Ethics
established by the Companies Commission of Malaysia.
Both of the aforesaid Codes can be viewed from the Company’s
website at www.genting.com.
Applied The Company recognises that any genuine commitment to
detecting and preventing actual or suspected unethical, unlawful,
illegal, wrongful or other improper conduct must include a
mechanism whereby employees and other stakeholders can report
their concerns freely without fear of reprisal or intimidation.
To this end, the Company has adopted a Whistleblower Policy
which is disseminated to employees.

GENTING BERHAD | ANNUAL REPORT 2017


Principle A – Board Leadership and Effectiveness (cont’d)
II. Board Composition
Intended Outcome
4.0 Board decisions are made objectively in the best interests of the company taking into account diverse perspectives and
insights.
Applied/Departure
Adopted/Not
Practice 4.1
At least half of the board
comprises independent
directors. For Large
Companies, the board
comprises a majority of
independent directors.
Practice 4.2
The tenure of an
independent director does
not exceed a cumulative
term limit of nine years.
Upon completion of the
nine years, an independent
director may continue to
serve on the board as a non-
independent director.
If the board intends to retain
an independent director
beyond nine years, it should
justify and seek annual
shareholders’ approval.
If the board continues to
retain the independent
director after the twelfth
year, the board should
seek annual shareholders’
approval through a two-tier
voting process.
CORPORATE GOVERNANCE 59
OVERVIEW STATEMENT (cont’d)
Adopted Summary of governance practices of the Company
Applied The Board has eight members, comprising three Executive
Directors and five Independent Non-Executive Directors which
fulfils the requirement of the Board comprising a majority of
independent directors.
Departure The Board noted that the tenure of an independent director should
not exceed a cumulative term of nine years. The Board is of the view
that the ability of long serving independent directors to remain
independent and to discharge their duties with integrity and
competency should not be measured solely by tenure of service.
Their long service should not affect their independence as they are
independent- minded and they continue to provide the necessary
checks and balances in the best interest of the Company. The
Independent Directors have each provided an undertaking to Bursa
Securities since their appointment confirming and declaring that
they are “independent directors” as defined under paragraph 1.01
of the MMLR of Bursa Securities. The Board agreed that ultimately
the Independent Directors themselves are the best persons to
determine whether they can continue to bring independent and
objective judgement to Board deliberations.
In relation to the criteria to assess independence of directors,
the Board had adopted the same criteria used in the definition of
“independent directors” prescribed by the MMLR.
Accordingly, Tan Sri Dr. Lin See Yan and Datuk Chin Kwai Yoong who
have been Independent Non-Executive Directors of the Company
since 28 November 2001 and 23 August 2007 respectively,
will continue to be Independent Directors of the Company,
notwithstanding having served as Independent Directors on the
Board for more than nine years. Both Tan Sri Dr. Lin See Yan and
Datuk Chin Kwai Yoong are distinguished and well known figures
in their field of expertise and being conversant with the Group’s
businesses, they bring valuable insights and contributions to the
Board.
For the financial year ended 31 December 2017, each of the
Independent Non-Executive Directors had provided their annual
confirmations of independence to the Board based on the
Company’s criteria of assessing independence in line with the
definition of “independent directors” prescribed by the MMLR.
The Board had assessed and concluded that the five Independent
Non-Executive Directors of the Company, namely Tan Sri Dr. Lin
See Yan, Dato’ Dr. R. Thillainathan, Datuk Chin Kwai Yoong, Tan
Sri Foong Cheng Yuen and Madam Koid Swee Lian continue to
demonstrate conduct and behaviour that are essential indicators
of independence, and that each of them is independent of the
Company’s management and free from any business or other
relationship which could interfere with the exercise of independent
judgement or the ability to act in the best interest of the Company.
ANNUAL REPORT 2017 | GENTING BERHAD
60 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)
Principle A – Board Leadership and Effectiveness (cont’d)
II. Board Composition (cont’d)
Intended Outcome (cont’d)
4.0 Board decisions are made objectively in the best interests of the company taking into account diverse perspectives and
insights. (cont’d)
Applied/Departure
Adopted/Not
Practice 4.3 - Step Up
The board has a policy
which limits the tenure of
its independent directors to
nine years.
Practice 4.4
Appointment of board
and senior management
are based on objective
criteria, merit and with due
regard for diversity in skills,
experience, age, cultural
background and gender.
GENTING BERHAD | ANNUAL REPORT 2017
Adopted Summary of governance practices of the Company
Each Independent Director has undertaken to notify the Board
of any changes in their circumstances or of any new interest
or relationship that would affect their independence as an
independent director of the Company. The Board will promptly
consider that new information in reassessing the Director’s
independence in the interests of the Company and its shareholders
as a whole.
In addition to the annual confirmation mentioned above from
the Independent Non-Executive Directors, all the Directors are
required to confirm on an annual basis if they have any family
relationship with any other Director and/or major shareholders
of the Company, if there are any conflict of interests with the
Company and if they have been convicted of any offence within the
past five years other than traffic offences, and any public sanction
or penalty imposed by the relevant regulatory bodies during
the financial year. These information, together with the annual
evaluation and assessment of each Director during the financial
year, form the basis and justification for recommending whether
the retiring Director should be nominated for re-election at the
Annual General Meeting.
The Independent Non-Executive Directors serving more than nine
years are persons with high caliber and their vast knowledge and
experience contributes positively to the growth of the Group.
If the Board, including Independent Non-Executive Directors
serving more than nine years, is able to continuously give their best
efforts by using their expertise and skills to contribute positively
towards the stewardship of the Company to attain greater heights,
they should remain as Independent Non-Executive Directors of the
Company as the intended outcome is achieved as they are able to
make objective decision, in the best interest of the Group taking
into account diverse perspectives and insights.
Not adopted
Applied The Group practices non-discrimination in any form, whether
based on age, gender, ethnicity or religion, throughout the
organisation. This includes the selection of Board members and
senior management.

Principle A – Board Leadership and Effectiveness (cont’d)
II. Board Composition (cont’d)
Intended Outcome (cont’d)
4.0 Board decisions are made objectively in the best interests of the company taking into account diverse perspectives and
insights. (cont’d)
Applied/Departure
Adopted/Not
Practice 4.5
The board discloses in its
annual report the company’s
policies on gender diversity,
its targets and measures
to meet those targets. For
Large Companies, the board
must have at least 30%
women directors.
Practice 4.6
In identifying candidates for
appointment of directors,
the board does not solely
rely on recommendations
from existing board
members, management or
major shareholders. The
board utilises independent
sources to identify suitably
qualified candidates.
Practice 4.7
The Nominating Committee
is chaired by an Independent
Director or the Senior
Independent Director.
CORPORATE GOVERNANCE 61
OVERVIEW STATEMENT (cont’d)
Adopted Summary of governance practices of the Company
Departure As explained in Practice 4.4 above, for the selection of Board
members, the Group practices non-discrimination in any form,
whether based on age, gender, ethnicity or religion, throughout
the organisation.
The Board is mindful of the target of at least 30% women directors
and has taken the initial step of appointing Madam Koid Swee Lian
as the first female Director on the Board on 23 November 2017.
Currently, there are 7 male Directors and 1 female Director. The
racial composition of the Board is 12.5% Malay, 75% Chinese and
12.5% Indian. 12.5% of the Directors are between the ages of 30
and 55 and the remaining 87.5% are above 55 years old.
Amongst others, the measure taken by the Board is for any vacant
Board position in the future, the Board when sourcing for suitable
candidates, consideration is given to identify suitably qualified
women candidates in line with the recommendation of the MCCG.
Departure During the year, the Nomination Committee of the Company has
recommended a female candidate for appointment to the Board
which fits the criteria requirements that the Board is looking for.
The Board did not utilise independent sources to identify suitably
qualified candidates as the management understands the
specialised industry it operates in. Through its own network and
bearing in mind the highly regulated industry in which the Company
operates in, the management would be in the best position to look
for potential candidates with background which fits the criteria
requirements.
The Board is open to utilising independent sources to identify
suitably qualified candidates, where necessary.
Applied The Chairman of the Nomination Committee, Tan Sri Dr. Lin
See Yan has been designated as the Senior Independent Non-
Executive Director identified by the Board pursuant to Practice 4.7
of the MCCG.
The Nomination Committee carried out its duties in accordance with
its Terms of Reference which can be obtained from the Company’s
website at www.genting.com. The Nomination Committee met two
times during the financial year ended 31 December 2017 where all
the members attended.
The main activities carried out by the Nomination Committee
during the financial year ended 31 December 2017 are set out
below:
(a) considered and reviewed the Board’s succession plans,
the present size, structure and composition of the Board
and Board Committees as well as the required mix of skills,
experience and competency required;
(b) considered and reviewed the Senior Management’s succession
plans;
ANNUAL REPORT 2017 | GENTING BERHAD
62 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

II. Board Composition (cont’d)

Intended Outcome (cont’d)

4.0 Board decision are made objectively in the best interests of the company taking into account diverse perspectives and
insights. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
(c) considered and reviewed the training attended by the
Directors, discussed the training programmes required to aid
the Directors in the discharge of their duties as Directors and
to keep abreast with industry developments and trends;
(d) reviewed and recommended to the Board, the term of office
and performance of the Audit Committee and each of its
members to determine whether the Audit Committee and
members have carried out their duties in accordance with
their terms of reference;
(e) assessed and recommended to the Board, the effectiveness
of the Board, Board Committees and individual Directors,
including the Chief Executive; and
(f) considered and recommended to the Board, the appointment
of Madam Koid Swee Lian as an Independent Non-Executive
Director of the Company based on a set of prescribed criteria,
including but not limited to skills, knowledge, expertise
and experience, professionalism and integrity. In addition,
evaluation of her ability to discharge responsibilities/functions
as expected from independent non-executive director.

5.0 Stakeholders are able to form an opinion on the overall effectiveness of the board and individual directors.

Applied/Departure
Adopted/Not
Practice 5.1
The board should undertake
a formal and objective
annual evaluation to
determine the effectiveness
of the board, its committees
and each individual director.
The board should disclose
how the assessment was
carried out and its outcome.
For Large Companies, the
board engages independent
experts periodically to
facilitate objective and
candid board evaluations.
Adopted Summary of governance practices of the Company
Applied The process of assessing the Directors is an ongoing responsibility
of the Nomination Committee and the entire Board. The Board has
put in place a formal evaluation process to annually assess the
effectiveness of the Board as a whole and the Board Committees,
as well as the contribution and performance of each individual
Director (including the Independent Non-Executive Directors) and
the Chief Executive.
In respect of the assessment for the financial year ended 31
December 2017 which was internally facilitated, the Nomination
Committee and the Board were satisfied that the Board and Board
Committees have discharged their duties and responsibilities
effectively and the contribution and performance of each individual
Director, including the Chief Executive are satisfactory. The Board
was also satisfied that the Board composition in terms of size,
the balance between Executive, Non-Executive and Independent
Directors and mix of skills was adequate. The Board is mindful of
the gender diversity relating to women directors and has taken the
initial step as explained in Practice 4.5 above.

The Board took cognisance of Practice 5.1 and at the appropriate

time, engages independent experts to facilitate the annual
assessment.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 63
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

III. Remuneration

Intended Outcome

6.0 The level and composition of remuneration of directors and senior management take into account the company’s
desire to attract and retain the right talent in the board and senior management to drive the company’s long term
objectives.

Remuneration policies and decisions are made through a transparent and independent process.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 6.1 Applied The Company has established a formal remuneration policy for the
The board has in place Executive Directors and senior management to align with business
policies and procedures strategy and long term objectives of the Company and its unlisted
to determine the subsidiaries.
remuneration of directors
and senior management, The Board, as a whole, determines the level of fees of Non-
which takes into account Executive Directors and Executive Directors.
the demands, complexities
The policies and procedures are made available on the Company’s
and performance of the website at www.genting.com.
company as well as skills
and experience required.
The policies and procedures
are periodically reviewed
and made available on the
company’s website.
Practice 6.2 Applied The Remuneration Committee is responsible for making
The board has a recommendations to the Board on the remuneration packages of
Remuneration Committee Executive Directors and members of the Board Committees whilst
to implement its policies and the Board is responsible for making recommendations for the
procedures on remuneration employees including senior management.
including reviewing and
recommending matters The Remuneration Committee carried out its duties in accordance
relating to the remuneration with its Terms of Reference which can be obtained from the
of board and senior Company’s website at www.genting.com.
management.

The Committee has written

Terms of Reference which
deals with its authority and
duties and these Terms are
disclosed on the company’s
websites.

7.0 Stakeholders are able to assess whether the remuneration of directors and senior management is commensurate with
their individual performance, taking into consideration the company’s performance.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 7.1 Applied The details of the Directors’ remuneration received in 2017 on
There is detailed disclosure a named basis are set out in the Appendix A of this Corporate
on named basis for the Governance Overview Statement.
remuneration of individual
directors. The remuneration In relation to the remuneration package paid to Tan Sri Lim Kok
breakdown of individual Thay, the Chairman and Chief Executive of the Company, it is more
directors includes fees, appropriate to look at the remuneration of Chairman and Chief
salary, bonus, benefits in- Executive at the Company level. His remuneration for his executive
kind and other emoluments. positions held in other companies of the Group are determined
by the respective Remuneration Committees and Boards of the
companies where he is concurrently employed.

ANNUAL REPORT 2017 | GENTING BERHAD

64 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle A – Board Leadership and Effectiveness (cont’d)

III. Remuneration (cont’d)

Intended Outcome (cont’d)

7.0 Stakeholders are able to assess whether the remuneration of directors and senior management is commensurate with
their individual performance, taking into consideration the company’s performance. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
The Chairman and Chief Executive succeeded his late father, the
founder of the Group, and was accorded the level of pay similar to
his father’s when he took over the role. Thereafter, the Chairman
and Chief Executive was awarded annual increments/bonuses as
an executive staff member.

Practice 7.2
The board discloses on a
named basis the top five
senior management’s
remuneration component
including salary, bonus,
benefits in-kind and other
emoluments in bands of
RM50,000.
As the Chief Executive, Tan Sri Lim Kok Thay is responsible for
providing the vision and strategic direction of the Group and
to formulate appropriate corporate strategies and develop the
business. Further details of his role and responsibilities are set
out in the section on Practice 1.3 of this Corporate Governance
Statement.
Departure The Company has disclosed the information from an alternative
perspective which is intended to achieve a similar outcome.
The top 5 senior management (excluding executive directors)
of the Company (including its directly held unlisted subsidiary
responsible for the Group’s businesses in the power, oil and gas
and energy sector) are Mr Tan Kong Han, Mr Chong Kin Leong,
Mr Ong Tiong Soon, Mr Derrik Khoo Sin Huat and Ms Goh Lee
Sian, their designations as disclosed in the Annual Report 2017.
The aggregate remuneration of these executives received in 2017
was RM13.7 million representing 0.3% of the total employees
remuneration of the Group.

The remuneration of the aforesaid top five senior management

is combination of an annual salary, benefits-in-kind and other
emoluments which are determined in a similar manner as other
management employees of the Company. This is based on their
individual performance, the overall performance of the Company,
inflation and benchmarked against other companies operating in
Malaysia. The basis of determination has been applied consistently
from previous years.
Practice 7.3 - Step Up Not Adopted
Companies are encouraged
to fully disclose the
detailed remuneration of
each member of senior
management on a named
basis.

Principle B – Effective Audit and Risk Management

I. Audit Committee

Intended Outcome

8.0 There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s
finding and recommendations. The company’s financial statement is a reliable source of information.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 8.1 Applied The Chairman of the Audit and Risk Management Committee is Tan
The Chairman of the Audit Sri Dr. Lin See Yan, an Independent Non-Executive Director of the
Committee is not the Company.
Chairman of the board.

GENTING BERHAD | ANNUAL REPORT 2017


Principle B – Effective Audit and Risk Management (cont’d)
I. Audit Committee (cont’d)
Intended Outcome (cont’d)
8.0 There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s
finding and recommendations. The company’s financial statement is a reliable source of information. (cont’d)
Applied/Departure
Adopted/Not
Practice 8.2
The Audit Committee has a
policy that requires a former
key audit partner to observe
a cooling-off period of at
least two years before being
appointed as a member of
the Audit Committee.
Practice 8.3
The Audit Committee has
policies and procedures
to assess the suitability,
objectivity and independence
of the external auditor.
Practice 8.4 - Step Up
The Audit Committee
should comprise solely of
Independent Directors.
Practice 8.5
Collectively, the Audit
Committee should possess
a wide range of necessary
skills to discharge its duties.
All members should be
financially literate and are
able to understand matters
under the purview of the
Audit Committee including
the financial reporting
process.
All members of the
Audit Committee should
undertake continuous
professional development
to keep themselves abreast
of relevant developments
in accounting and auditing
standards, practices and
rules.
CORPORATE GOVERNANCE 65
OVERVIEW STATEMENT (cont’d)
Adopted Summary of governance practices of the Company
Applied The Terms of Reference of the Audit and Risk Management
Committee has been revised to include a cooling-off period of at
least two years before a former key audit partner could be appointed
as a member of the Audit and Risk Management Committee to
safeguard the independence of the audit of the financial statements.
Applied The Audit and Risk Management Committee ensures that the
independence and objectivity of the external auditors are not
compromised in accordance with the assessment criteria set out in
the “Group Policy on External Auditors’ Independence”.
The external auditors are also required to provide confirmation to
the Audit and Risk Management Committee that they are and have
been independent throughout the conduct of the audit engagement
in accordance with the terms of all relevant professional and
regulatory requirements.
The Audit and Risk Management Committee is satisfied with the
suitability and independence of the external auditors based on the
quality and competency of services delivered, sufficiency of the
firm and professional staff assigned to the annual audit as well as
the non- audit services performed for the financial year ended 31
December 2017 and has recommended their re-appointment for the
financial year ending 31 December 2018.
Adopted The Audit and Risk Management Committee of the Company
consists of three members, who are all Independent Non-Executive
Directors.
Applied The members of the Audit and Risk Management Committee of
the Company comprised at least one member with the requisite
accounting qualification based on the requirement of the MMLR
of Bursa Securities. Members of the Audit and Risk Management
Committee are financially literate as they continuously keep
themselves abreast with the latest development in the new
accounting and auditing standards and the impact it may have on
the Group through briefings by the management and the external
auditors. During the financial year ended 31 December 2017, the
Directors received regular briefings and updates on the Group’s
businesses, operations, risk management, internal controls,
corporate governance, finance and any new or changes to the
relevant legislation, rules and regulations.
The Company maintains a policy for Directors to receive training at
the Company’s expense, in areas relevant to them in the discharge
of their duties as Directors or Board Committee members, including
Mandatory Accreditation Programme for new Directors.
The courses and training programmes attended by the Directors in
2017 are attached as Appendix B.
ANNUAL REPORT 2017 | GENTING BERHAD
66 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle B – Effective Audit and Risk Management (cont’d)

I. Audit Committee (cont’d)

Intended Outcome (cont’d)

8.0 There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s
finding and recommendations. The company’s financial statement is a reliable source of information. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
The Directors are also required by the Companies Act, 2016
to prepare financial statements for each financial year which
have been made out in accordance with the Financial Reporting
Standards, the Malaysian Accounting Standards Board Approved
Accounting Standards in Malaysia for Entities Other Than Private
Entities which give a true and fair view of the financial position of
the Group and of the Company at the end of the financial year and
financial performance of the Group and of the Company for the
financial year.

A statement by the Board of its responsibilities for preparing the

financial statements is set out in the Audited Financial Statements
for the financial year ended 31 December 2017 of the Company.

II. Risk Management and Internal Control Framework

Intended Outcome

9.0 Companies make informed decisions about the level of risk they want to take and implement necessary controls to
pursue their objectives.

The board is provided with reasonable assurance that adverse impact arising from a foreseeable future event or
situation on the Company’s objectives is mitigated and managed.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 9.1 Applied The Board is responsible for the Group’s risk management
The board should framework and system of internal control and for reviewing their
establish an effective risk adequacy and integrity.
management and internal
control framework. The Board affirms its overall responsibility for establishing an
effective risk management and internal control framework which
is in place and has been enhanced over the years.
Practice 9.2 Applied The internal control and risk management framework of Genting
The board should disclose Berhad are designed to manage rather than eliminate risks and
the features of its risk to provide reasonable but not absolute assurance against any
management and internal material misstatement or loss.
control framework, and the
adequacy and effectiveness In 2017, the Risk Management and Business Continuity
of this framework. Management Frameworks were reviewed and revised to align
with ISO31000:2009 Risk Management Principles and Guidelines
and ISO22301:2012 Societal Security – Business Continuity
Management Systems respectively.

Features of the internal control and risk management framework of

Genting Berhad are set out in the Statement on Risk Management
and Internal Control.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 67
OVERVIEW STATEMENT (cont’d)

Principle B – Effective Audit and Risk Management (cont’d)

II. Risk Management and Internal Control Framework (cont’d)

Intended Outcome (cont’d)

9.0 Companies make informed decisions about the level of risk they want to take and implement necessary controls to
pursue their objectives. (cont’d)

The board is provided with reasonable assurance that adverse impact arising from a foreseeable objectives is mitigated
and managed. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 9.3 - Step Up Adopted The Audit Committee of the Company which has been assisting
The board establishes a Risk the Board in carrying out, among others, the responsibility
Management Committee, of overseeing the Company and its unlisted subsidiaries’ risk
which comprises a majority management framework and policies, has been renamed as “Audit
of independent directors, to and Risk Management Committee” with effect from 29 December
oversee the company’s risk 2017.
management framework
and policies.

10.0 Companies have an effective governance, risk management and internal control framework and stakeholders are able
to assess the effectiveness of such a framework.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 10.1 Applied To assist the Board in maintaining a sound system of internal
The Audit Committee control for the purposes of safeguarding shareholders’ investment
should ensure that the and the Group’s assets, the Group has in place, an adequately
internal audit function resourced internal audit department.
is effective and able to
function independently. The Internal Audit has an Audit Charter approved by the Chairman
and Chief Executive of the Company and the Chairman of Audit
and Risk Management Committee, which define the mission &
objectives, roles & responsibilities, independence, authority, audit
standards & code of ethics, audit scope & methodology and audit
reporting.

The Internal Audit function is headed by Mr Teoh Boon Keong

(“Head of Internal Audit” or “Mr Teoh”). He reports functionally to
the Audit and Risk Management Committee and administratively
to the senior management of the Company. The competency and
working experience of Mr Teoh and the internal audit team as
disclosed in Practice 10.2.

The details of the scope of work, performance evaluation and

budget of the internal audit function are set out in the Corporate
Governance Report.

ANNUAL REPORT 2017 | GENTING BERHAD

68 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

Principle B – Effective Audit and Risk Management (cont’d)

II. Risk Management and Internal Control Framework (cont’d)

Intended Outcome (cont’d)

10.0 Companies have an effective governance, risk management and internal control framework and stakeholders are able
to assess the effectiveness of such a framework. (cont’d)

Applied/Departure
Adopted/Not
Practice 10.2
The board should disclose-
• whether internal audit
personnel are free from
any relationships or
conflicts of interest,
which could impair
their objectivity and
independence;
• the number of resources
in the internal audit
department;
• name and qualification of
the person responsible
for internal audit; and
• whether the internal
audit function is carried
out in accordance with a
recognised framework.
Adopted Summary of governance practices of the Company
Applied The Head of Internal Audit and other internal audit personnel are
independent from the operational activities of the Company and
they do not hold management authority and responsibility over the
operations that internal audit covers in its scope of works.
For year 2017, the average number of internal audit personnel
was 28 comprising degree holders and professionals from related
disciplines with an average of 8 years of working experience per
personnel.
Mr Teoh is a member of the Malaysian Institute of Certified
Public Accountants and a Chartered Accountant of the Malaysian
Institute of Accountants and his working experience is disclosed in
the Corporate Governance Report.
The internal audit carries out its work according to the standards
set by professional bodies, primarily consistent with the Standard
for Professional Practice of Internal Auditing issued by the Institute
of Internal Auditors and where applicable, reference is made to the
standards and statements issued by the international accounting
and auditing organisations.

Principle C – Integrity in Corporate Reporting and meaningful relationship with stakeholders.

I. Communication with Stakeholders

Intended Outcome

11.0 There is continuous communication between the company and stakeholders to facilitate mutual understanding of each
other’s objectives and expectations.

Stakeholders are able to make informed decisions with respect to the business of the company, its policies on
governance, the environment and social responsibility.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 11.1 Applied The Group acknowledges the importance of timely and equal
The board ensures there is dissemination of material information to the shareholders,
effective, transparent and investors and public at large. The Company holds separate quarterly
regular communication with briefings for fund managers, institutional investors and investment
its stakeholders. analysts after each quarter’s financial results announcement.

The Group maintains a corporate website at www.genting.com

which provides the relevant information to its stakeholders.

The Group also participates in investor forums held locally and

abroad and periodically organizes briefings and meetings with
analysts and fund managers to give them a better understanding
of the businesses of the Group.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 69
OVERVIEW STATEMENT (cont’d)

Principle C – Integrity in Corporate Reporting and meaningful relationship with stakeholders. (cont’d)

I. Communication with Stakeholders (cont’d)

Intended Outcome (cont’d)

11.0 There is continuous communication between the company and stakeholders to facilitate mutual understanding of each
other’s objectives and expectations. (cont’d)

Stakeholders are able to make informed decisions with respect to the business of the company, its policies on
governance, the environment and social responsibility. (cont’d)

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 11.2 Departure The Company would review the need to adopt the integrated
Large companies are reporting based on a globally recognised framework at the
encouraged to adopt appropriate time.
integrated reporting based
on a globally recognised
framework.

II. Conduct of General Meetings

Intended Outcome

12.0 Shareholders are able to participate, engage the board and senior management effectively and make informed voting
decisions at General Meetings.

Applied/Departure
Adopted/Not
Adopted Summary of governance practices of the Company
Practice 12.1 Applied The Company serves the Notice of Annual General Meeting to the
Notice for an Annual shareholders of the Company at least 28 days prior to the meeting
General Meeting should be for financial year 2017.
given to the shareholders
at least 28 days prior to the
meeting.
Practice 12.2 Applied The date of the Annual General Meeting of the Company is
All directors attend General scheduled at the beginning of the calendar year to ensure that
Meetings. The Chair of all the Directors are present to provide meaningful response to
the Audit, Nominating, questions addressed to them. All the Directors attended the Annual
Risk Management and General Meeting held on 1 June 2017.
other committees provide
meaningful response to
questions addressed to
them.
Practice 12.3 Departure This Practice 12.3 recommendation to leverage on technology is a
Listed companies with new concept introduced and companies would need time to study
a large number of the availability of such software and hardware as well as writing the
shareholders or which programmes to facilitate such mode of voting.
have meetings in remote
locations should leverage
technology to facilitate–
• including voting in
absentia; and
• remote shareholders’
participation at General
Meetings.

ANNUAL REPORT 2017 | GENTING BERHAD

70 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

The summary of the Corporate Governance practices gave a general overview of the application of the Corporate Governance
and shareholders are advised to read the Corporate Governance Report for the full details.

Overall, the Company has applied 25 and adopted 2 out of the 36 Practices/Practice Step Up with 7 departures and 2
non-adoption under the MCCG. This reflects the Board’s strong support of the overall corporate governance objectives as
encapsulated in the MCCG for :

• improving the Company’s corporate governance practices by creating a healthy and dynamic corporate culture that is
driven by the Board together with management;
• increasing the effectiveness of the board oversight function through the establishment of objective audit functions and
committees charged with the oversight of internal controls, risk and reporting; and
• enhancing the Company’s communication with shareholders and other stakeholders through transparent and timely
communication.

Notwithstanding the Company’s departures from Practices such as the separation of the position of the Chairman and Chief
Executive (Practice 1.3), seeking annual approval of the shareholders to retain an independent director beyond 9 and 12 years
(Practice 4.2) and policy for the Board to have at least 30% women directors (Practice 4.5), the Board will continue to evaluate
and assess the Practices and at the appropriate time, take the appropriate steps to narrow the gap, especially for women
directors where initial steps had been taken to appoint a first female Director to its Board. On Practice 4.6 where the Board is
recommended to utilise independent sources to identify suitably qualified candidates, the Board is open to use such facilities
where necessary. On Practice 7.2 on the disclosure on named basis the top five senior management’s remuneration, the
alternative information provided should meet the intended objective.

Apart from the above, the key area of focus and priorities in the future include preparation of the Company for the adoption of
integrated reporting based on globally recognised framework (Practice 11.2) as well as facilitating voting in absentia and remote
shareholders’ participation at general meetings (Practice 12.3) within a time frame of 2 to 5 years.

The stewardship of the Company under the leadership of the present Board ensures that the decisions are made objectively in
the best interest of the Company, taking into account diverse perspectives and insights.

This Corporate Governance Overview Statement is made in accordance with a resolution of the Board of Directors dated 27
February 2018.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 71
OVERVIEW STATEMENT (cont’d)

APPENDIX A

DISCLOSURE ON DIRECTORS’ REMUNERATION RECEIVED IN 2017

Amounts in RM Million
Executive Directors Non-Executive Directors
Tun Datuk Tan Sri Madam
Tan Sri Mohammed Mr Lim Tan Sri Chin Foong Koid
Lim Kok Hanif bin Keong Dato’ Dr. R. Dr. Lin Kwai Cheng Swee
Group Thay Omar Hui Thillainathan See Yan Yoong Yuen Lian
Fees 0.6 0.2 0.3 0.15 0.17 0.15 0.11 -
Salaries and bonuses 130.3 2.6 2.8 - - - - -
Defined contribution plan 14.7 0.3 0.3 - - - - -
Share-based payments 20.4 0.6 0.7 - - - - -
Estimated monetary value
of benefits-in-kind 2.0 - - 0.005 0.011 0.003 - -

Amounts in RM Million
Executive Directors Non-Executive Directors
Tun Datuk Tan Sri Madam
Tan Sri Mohammed Mr Lim Tan Sri Chin Foong Koid
Lim Kok Hanif bin Keong Dato’ Dr. R. Dr. Lin Kwai Cheng Swee
Company Thay Omar Hui Thillainathan See Yan Yoong Yuen Lian
Fees 0.2 0.1 0.1 0.15 0.17 0.15 0.11 -
Salaries and bonuses 46.8 1.3 1.1 - - - - -
Defined contribution plan 8.9 0.1 0.1 - - - - -
Estimated monetary value
of benefits-in-kind 2.0 - - 0.005 0.011 0.003 - -

ANNUAL REPORT 2017 | GENTING BERHAD

72 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

APPENDIX B

The following are the courses and training programmes attended by the Directors in 2017:

NAMES OF DIRECTORS
Tan Sri
Tun Datuk James Madam
Tan Sri Mohammed Mr Lim Tan Sri Chin Foong Koid
Lim Kok Hanif bin Keong Dato’ Dr. R. Dr. Lin Kwai Cheng Swee
COURSES Thay Omar Hui Thillainathan See Yan Yoong Yuen Lian
Module 1: Directors as gatekeepers of market
participants by The Securities Industry √
Development Corporation.
Module 2A: Business challenges and
regulatory expectations – What directors
need to know (Equities & Futures Broking) √
by The Securities Industry Development
Corporation.
Module 3: Risk oversight and compliance
- Action plan for Board of directors by
√
the Securities Industry Development
Corporation.
Module 4: Current and emerging regulatory
issues in the capital market by The Securities √
Industry Development Corporation.
HK Research - Focus Group 4. √
Malaysia Competition Conference 2017
on: “Competition Law: Breaking Norms,
√
Managing Change” by Competition Appeal
Tribunal.
The Financial Institutions Directors’ Education
(FIDE) Core - Module A: Banks by the Iclif √
Leadership and Governance Centre (ICLIF).
Sunway Leaders Conference by the Sunway
√
Group.
Module 2B: Business challenges and regulatory
expectations – What directors need to know
√
(Fund Management) by The Securities
Industry Development Corporation.
2017 Harvard-Asia-Pacific Clubs, Contacts
& SIGs Leaders Meeting by The Harvard √
Alumni Association (HAA) Singapore.
“Geeks On An Island” by RW Tech Labs. √
International Academic Advisory Council
Meeting by the Jeffrey Cheah Institute on √
Southeast Asia.
Asian Economic Panel Meeting by the Jeffrey
√
Cheah Institute on Southeast Asia.
Ted 2017: The Future You by TED Conferences,
√
LLC, New York.
Speaker at the IGB International School by the
√
IGB International School.
Bank Negara Malaysia’s Compliance
√
Conference 2017 by Bank Negara Malaysia.
Wild Digital Southeast Asia, Malaysia. √
Guest Speaker at HSBC Private Banking Mid-
Year 2017 Investment Outlook: Synchronised √
Growth, Feeble Dollar by HSBC Singapore.
Asian Shadow Financial Regulatory Committee
√
Meeting (ASFRC) by University of Korea.
Forbes Asia Forum: The Next Typhoon “A
√
Generation Emerges” by Forbes Asia.

GENTING BERHAD | ANNUAL REPORT 2017

 CORPORATE GOVERNANCE 73
OVERVIEW STATEMENT (cont’d)

APPENDIX B

The following are the courses and training programmes attended by the Directors in 2017: (cont’d)

NAMES OF DIRECTORS
Tan Sri
Tun Datuk James Madam
Tan Sri Mohammed Mr Lim Tan Sri Chin Foong Koid
Lim Kok Hanif bin Keong Dato’ Dr. R. Dr. Lin Kwai Cheng Swee
COURSES Thay Omar Hui Thillainathan See Yan Yoong Yuen Lian
36th Management Conference (Plantation
Division) of Genting Plantations Berhad
Theme: “Building Value Through Integration
and Innovation”
- Malaysia: Proven Mechanization For Labour
Reduction by Encik Abdul Rahim Wilson
Abdullah.
- Indonesia: Successful Flood Mitigation &
Water Management at PT. GAL by Encik
Sazale Bin Saar √
- Oleochemicals/Bio Refinery - Overview on
Processes and Market Trends by Ir Qua Kiat
Seng, Advisor AOMG.
- Palm Oil Long / Short Term Outlook & How
GENP Stack Up by Ms Tan Ting Min, Head of
Research, Credit Suisse.
- My Story, My Brand - Founder of Sirivat
Sandwich - Overcoming Crisis & Business
Adversity by Mr Sirivat Voravetvuthikun.
Governor’s Luncheon Address at Bank Negara
Malaysia Monetary Policy Conference 2017
- “Monetary Policy Autonomy: Intricacies, √
Instruments and Independence” by the Bank
Negara Malaysia.
Speaker at the National Tax Conference by
the Lembaga Hasil Dalam Negeri Malaysia
√
(LHDNM) and Chartered Tax Institute of
Malaysia (CTIM).
29th Annual Senior Managers’ Conference
2017 of Genting Malaysia Berhad.
- Theme: Strategic Transformation lead by
Professor George Yip.
- Introduction: What is strategy?
- Business strategies (Group Discussion and
√ √
Presentation).
- Strategic execution plan (Group Discussion).
- Strategic transformation needs (Group
Discussion and Presentation).
- Strategic transformation plans (Group
Discussion and Presentation).
Speaker at the Jeffrey Cheah Institute-
Malaysian Economic Association Malaysia √
Series by Jeffrey Cheah Institute.
The Financial Institutions Directors’ Education
(FIDE) Core - Module B: Banks by the Iclif √
Leadership and Governance Centre (ICLIF).
Speaker at the 2017 Economic and Leadership
Forum (ELF) by the London School of √
Economic Students’ Union Malaysia Club.
1st session - Jeffrey Cheah Institute-Malaysian
Economic Association Economic Seminar
√
Series on Revisiting the New Economic
Model (NEM) – Lags and Prospects.
The Anatomy of A Case: A Study of A Clinical
Negligence Action by Kuala Lumpur √
Regional Centre For Arbitration.

ANNUAL REPORT 2017 | GENTING BERHAD

74 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)

APPENDIX B

The following are the courses and training programmes attended by the Directors in 2017: (cont’d)

NAMES OF DIRECTORS
Tan Sri
Tun Datuk James Madam
Tan Sri Mohammed Mr Lim Tan Sri Chin Foong Koid
Lim Kok Hanif bin Keong Dato’ Dr. R. Dr. Lin Kwai Cheng Swee
COURSES Thay Omar Hui Thillainathan See Yan Yoong Yuen Lian
3rd session - Jeffrey Cheah Institute-Malaysian
Economic Association Economic Seminar
√
Series on Revisiting the New Economic Model
(NEM) – Lags and Prospects.
The One Road One Belt – Legal Aspect of
Doing Business in China by Legal Plus Sdn √
Bhd.
The Holiday Law Conference by Legal Plus Sdn
√
Bhd.
Conference on Global Pact for the Environment
and the UN Sustainable Development
√
Solutions Network (SDSN) by the Columbia
Center on Sustainable Investment.
SDSN Leadership Council Meeting by SDSN. √
Forbes Global CEO Conference: The Next
√
Century by Forbes Asia.
Harvard President’s Global Advisory Council
√
Meeting by the Harvard Business School.
Khazanah Megatrends Conference by
√
Khazanah National Berhad.
9th International Conference on Financial
Crime and Terrorism Financing 2017, entitled
√
“Future Proofing and Response-Ability” by
Asian Institute of Finance.
2017 National Conference by The Institute of
√
Internal Auditors Malaysia.
30% Club Business Leaders Roundtable by
√
Securities Commission.
2nd Maritime Law Conference by International
√
Malaysia Society of Maritime Law.
CG Breakfast Series for Directors: “Leading in
a Volatile, Uncertain, Complex, Ambiguous √ √
(VUCA) World” by Bursa Malaysia Berhad.
The Digital Collaboration and Transformation
Conference (DCTx) 2017 by Silverlake Axis in √
Valencia, Spain
Information Session Tsinghua University
PBCSF ‘Belt & Road’ Finance EMBA Program
√
by Tsinghua University PBC School of
Finance.
MIA International Accountants Conference
2017 by The Malaysian Institute of √
Accountants.
The 2nd Cambridge-Oxford-Sunway
Biomedical Symposium – Stem Cells: From
Biology to Therapy by members of the
School of Clinical Medicine, University of
Cambridge, the Nuffield Department of
Medicine, Oxford University, Sunway Medical √
Centre, Sunway University and the Jeffrey
Cheah School of Medicine and Health
Sciences, Monash University Malaysia at the
Sunway University, Subang Jaya, Petaling
Jaya
Speaker at Iclif Leadership and Governance
Centre’s Anti-Money Laundering and
Counter Financing of Terrorism Training for √
the Board and Senior Management of IME
(M) Sdn Bhd.
Key Disclosure Obligations of A Listed
Company by Chee Kai Mun, Allianz Malaysia √
Berhad.
GENTING BERHAD | ANNUAL REPORT 2017
 AUDIT AND RISK MANAGEMENT
AUDIT AND RISK MANAGEMENT COMMITTEE
The Audit Committee was established on 26 July 1994
to serve as a Committee of the Board. In line with the
recommendation of the Malaysian Code on Corporate
Governance, the Audit Committee of the Company which has
been assisting the Board in carrying out, among others, the
responsibility of overseeing the Company and its unlisted
subsidiaries’ risk management framework and policies has
been renamed as Audit and Risk Management Committee
(“Committee”) on 29 December 2017.
MEMBERSHIP
The present members of the Committee comprise:
Tan Sri Dr. Lin See Yan Chairman/Independent
Non-Executive
Director
Datuk Chin Kwai Yoong Member/Independent
Non-Executive
Director
Dato’ Dr. R. Thillainathan Member/Independent
Non-Executive
Director
TERMS OF REFERENCE
The Terms of Reference of the Committee are made available
on the Company’s website at www.genting.com
ATTENDANCE AT MEETINGS DURING THE FINANCIAL
YEAR 2017
The Committee held a total of six (6) meetings. Details of
attendance of the Committee members are as follows:
Number of
Name of Member Meetings Attended*
Tan Sri Dr. Lin See Yan 6 out of 6
Datuk Chin Kwai Yoong 6 out of 6
Dato’ Dr. R. Thillainathan 6 out of 6
* The total number of meetings include the
special meetings held between members of the
Committee who are non-executive Directors of
the Company and representatives of the external
auditors, PricewaterhouseCoopers (now known as
PricewaterhouseCoopers PLT) without the presence of
any Executive Director or management.
SUMMARY OF WORK DURING THE FINANCIAL YEAR
2017
The Committee carried out its duties in accordance with its
Terms of Reference.
During the financial year ended 31 December 2017, this
entailed, inter-alia, the following:
i) reviewed and deliberated the internal audit plan for the
Company and the Group with the Head of Internal Audit
and authorised deployment of the necessary resources
to address risk areas identified;
75
COMMITTEE REPORT
ii) reviewed and deliberated the internal audit reports of
the Company and of the Group which were prepared on
completion of each internal audit assignment;
iii) engaged with the external auditors on the external audit
plan for the Company and the Group;
iv) reviewed and deliberated the external audit reports of
the Company and of the Group prepared by the external
auditors, including all the key audit matters raised;
v) reviewed with management and the external auditors
and deliberated the quarterly results and reports of the
Company and of the Group and recommended for their
approval by the Board;
vi) reviewed and deliberated related party and recurrent
related party transactions of the Company and of the
Group;
vii) analysed and reviewed the proposed audit fees for the
external auditors in respect of their audit of the financial
statements of the Company and of the Group;
viii) assessed the suitability, objectivity and independence
of the external auditors and recommended their re-
appointment;
ix) reviewed with management and the external auditors
the annual financial statements of the Company and
of the Group for the year ended 31 December 2016 and
recommended for their approval by the Board;
x) reviewed and deliberated the quarterly reports
submitted by the Risk and Business Continuity
Management Committee of the Company, including
the revised Risk Management Framework and Business
Continuity Management Framework; and
xi) reviewed the 2016 Annual Report of the Company,
including the Audit Committee Report, Sustainability
Report and Statement of Risk Management and Internal
Control.
HOW THE COMMITTEE DISCHARGED AND MET ITS
RESPONSIBILITIES DURING THE FINANCIAL YEAR
2017
1. Financial Reporting
The Committee reviewed with management and the external
auditors and deliberated on the quarterly consolidated
financial statements and the annual financial statements of
the Company and of the Group prior to the approval by the
Board, focusing primarily on:
(a) changes in or implementation of major accounting
policies;
(b) significant matters highlighted by management or
the external auditors, including financial reporting
issues, significant judgements made by management,
significant and unusual events or transactions, and how
these matters were addressed; and
(c) compliance with accounting standards and other legal
or regulatory requirements
ANNUAL REPORT 2017 | GENTING BERHAD
76 AUDIT AND RISK MANAGEMENT
COMMITTEE REPORT (cont’d)
HOW THE COMMITTEE DISCHARGED AND MET ITS
RESPONSIBILITIES DURING THE FINANCIAL YEAR
2017 (cont’d)
1. Financial Reporting (cont’d)
to ensure that the financial statements give a true and
fair view of the financial position, financial performance
and cash flows of the Group and of the Company and are
in compliance with the Financial Reporting Standards,
the Malaysian Accounting Standards Board Approved
Accounting Standards for Entities Other Than Private
Entities and the requirements of the Companies Act 2016
in Malaysia as well as the Listing Requirements of Bursa
Malaysia Securities Berhad. New financial reporting
standards and amendments that are effective for the
financial year were discussed and it was noted that the
adoption of these new standards and amendments did not
have any significant impact on the current or prior year and
are not likely to materially affect future periods.
The Committee also reviewed and where applicable,
commented on the representation letters by the management
to the external auditors in relation to the financial statements
every quarter.
2. External Audit
In the course of each review of the quarterly financial
statements and each audit of the annual financial statements,
the external auditors identified discrepancies or matters
involving estimates or the exercise of judgment which could
have material impact on the financial statements. These
matters were discussed with management and resolved,
wherever possible, or held for further monitoring and
resolution in future.
Significant matters requiring follow up were highlighted in
the reports by the external auditors to the Committee. In
accordance with International Standards on Auditing, key
audit matters which in the opinion of the external auditors
were of most significance in their audit of the annual financial
statements were brought to the attention of the Committee
and highlighted and addressed by the external auditors in
their audit report.
The Committee also reviewed and discussed the external
auditors’ annual audit plan setting out the proposed scope
of work before their commencement of the audit of the
financial statements of the Group.
The proposed audit fees for the external auditors in respect
of their audit of the financial statements of the Company and
its unlisted subsidiaries were analysed and reviewed by the
Committee for recommendation to the Board for approval.
Non-audit fees and non-audit related costs payable to the
external auditors in respect of non-audit services rendered
by the external auditors during the financial year were also
reviewed and considered in ascertaining the suitability and
independence of the external auditors.
The Committee conducted its annual assessment based on
the Group’s Policy on external auditors’ independence for
recommending the reappointment of the external auditors
to the shareholders for approval.
GENTING BERHAD | ANNUAL REPORT 2017
Two Committee meetings were held on 22 February 2017
and 23 August 2017 without the presence of any Executive
Director or management of the Company to ensure that the
external auditors can freely discuss and express their opinions
on any matter to the Committee, and the Committee can be
sufficiently assured that management has fully provided all
relevant information and responded to all queries from the
external auditors.
The external auditors shared their observations on significant
operational matters and key audit findings including internal
controls.
3. Internal Audit
The Group has an adequately resourced internal audit
function to assist the respective Boards in maintaining
a sound system of internal control. The internal audit
department of the Company reports to the Committee and
the primary role of the department is to undertake regular
and systematic review of the risk management and internal
control processes to provide sufficient assurance that the
Company and the Group have sound systems of internal
control and that established policies and procedures are
adhered to and continue to be effective in addressing the
risks identified.
Internal audit functions independently of the activities it
audits and carries out its work objectively according to the
standards set by professional bodies, primarily consistent
with the Standard for Professional Practice of Internal
Auditing issued by the Institute of Internal Auditors and
where applicable, reference is made to the standards
and statements issued by the international accounting
and auditing organisations. For each audit, a systematic
methodology is adopted, which primarily includes performing
risk assessment, developing audit planning memorandum,
conducting audit, convening exit meeting and finalising audit
report. The audit reports detail out the objectives, scope of
audit work, findings, management responses and conclusion
in an objective manner and are distributed to the responsible
parties.
The Committee reviewed and approved the 2017 Internal
Audit Plan for the Company and the Group and authorised
the deployment of necessary resources to address risk areas
identified.
The following were considered in the Committee’s review:
• The Internal Audit plan was prepared based on a risk
based approach with the consideration of 4 factors,
namely materiality of transactions and balances,
management concerns (including company risk profiles),
regulatory requirements and audit evaluation.
• The internal audit scope extends to cover major operating
areas of the Company and its subsidiaries which include
financial, accounting, information systems, operational
and support services and administrative activities.
• The internal audit resources comprise of degree
holders and professionals from related disciplines.
Senior personnel possess vast experience in the audit
profession as well as in the industries that the Company
is involved in.
 AUDIT AND RISK MANAGEMENT 77
COMMITTEE REPORT (cont’d)

HOW THE COMMITTEE DISCHARGED AND MET ITS RESPONSIBILITIES DURING THE FINANCIAL YEAR 2017 (cont’d)

3. Internal Audit (cont’d)

The Committee reviewed and deliberated the internal audit reports issued in respect of the Group’s entities or operations each
quarter. The audits covered various operations, systems, processes and functions across the Company and the Group. Some
weaknesses in internal control were identified for the year under review but these are not deemed significant and have not
materially impacted the business or operations of the Group. Nevertheless, measures have been or are being taken to address
these weaknesses. The internal audit reports also included follow-up on corrective measures to ensure and to report to the
Committee that management has dealt with the weaknesses identified satisfactorily.

The audit reports of the listed subsidiaries which were prepared by the relevant internal audit teams and presented to the
respective audit and risk management committees of the listed subsidiaries were also noted by the Committee in respect of the
matters reported and that they did not materially impact the business or operations of the Group.

The total costs incurred for the internal audit function of the Company and of the Group for the financial year ended 31 December
2017 amounted to RM0.6 million and RM17.5 million respectively.

4. Related Party Transactions

Related party transactions of the Company and its unlisted subsidiaries which exceeded pre-determined thresholds were
reviewed by the Committee to ensure the transactions were fair, reasonable, on normal commercial terms, not detrimental
to the interests of the minority shareholders and in the best interest of the Company before recommending to the Board or
shareholders for approval.

The Committee reviewed the recurrent related party transactions of a revenue or trading nature which were necessary for the
day-to-day operations of the Company or its unlisted subsidiaries that arose within the Group to ensure that the transactions
were in the ordinary course of business and on terms not more favourable to the related parties than those generally available
to the public.

5. Risk Management

The Committee reviewed the risk management processes and deliberated on the reports submitted by the Risk and Business
Continuity Management Committee of the Company and the annual Statement on Risk Management and Internal Control to
ensure that all necessary risk mitigation measures to address the critical risk areas have been or were being put in place.

The Committee also reviewed the adequacy and effectiveness of the internal control system to ensure amongst others, that
assets of the Company are safeguarded, reliability of financial reporting and compliance with applicable laws and regulations.

In addition, the Committee reviewed the revised Risk Management Framework and Business Continuity Management
Framework and recommended them for the Board’s approval.

RISK MANAGEMENT PROCESS

As proper risk management is a significant component of a sound system of internal control, the Group has also put in place a
risk management process to help the Board in identifying, evaluating and managing risks. The implementation and maintenance
of the risk management process is carried out by the respective Risk and Business Continuity Management Committees of the
Group.

The review of the risk management processes and reports is delegated by the Board to the Committee. In this regard, quarterly
risk management reports and the annual Statement on Risk Management and Internal Control are reviewed and deliberated by
the Committee prior to recommending for endorsement by the Board.

A Statement on Risk Management and Internal Control which provides an overview of the state of internal controls within the
Group is set out on pages 53 to 54 of this Annual Report.

This Audit and Risk Management Committee Report is made in accordance with a resolution of the Board of Directors dated
27 February 2018.

ANNUAL REPORT 2017 | GENTING BERHAD

78 STATEMENT ON RISK MANAGEMENT
AND INTERNAL CONTROL
for the Financial Year ended 31 December 2017
Board Responsibilities
The Board affirms its overall responsibility for establishing
an effective risk management and internal control
framework for Genting Berhad (“the Company”) and for
reviewing its adequacy and effectiveness. The Board
recognises that business decisions involve the taking of
appropriate risks and hence, necessary actions need to be
taken to understand the principal risks and monitor that
risks are being managed within the risk appetite.
Through the years, the risk management framework has
been enhanced to ensure that the ongoing risk management
processes are able to identify, analyse, evaluate, and
manage significant risks within the risk tolerance levels and
risks that may impede the achievement of the business and
corporate objectives of Genting Berhad and its principal
subsidiaries, which include Genting Malaysia, Genting
Plantations and Genting Singapore (collectively referred to
as the “Group”), are effectively mitigated. It should be noted
that the internal control system is designed to manage
rather than eliminate risks, and provides reasonable but
not absolute assurance against any material misstatement
or loss.
The review of the risk management and internal control
reports and processes is delegated by the Board to the
Audit Committee. In line with its responsibilities, the
Audit Committee has been renamed the Audit and Risk
Management Committee (“ARMC”) on 29 December 2017.
Management’s Responsibilities
Management is accountable to the Board for the risk
management and internal control system and for the
implementation of processes to identify, evaluate, monitor
and report risks and controls. In this regard, Risk and
Business Continuity Management Committees (“RBCMC”)
have been established at the Company and its principal
subsidiaries to:-
• Institutionalise the risk management practices in the
respective business units.
• Ensure the effectiveness of the risk management
policies and processes.
• Ensure that relevant risks that may impede the
achievement of objectives are identified and
appropriate mitigating actions have been implemented.
• Review significant changes in the risk profiles and
emerging risks, taking into consideration the changing
business and regulatory environment; ensuring that
appropriate actions are taken; and communicating
them to the respective ARMCs and Boards of Directors.
The RBCMC of Genting Berhad comprises senior
management of the Company and is chaired by the
President and Chief Operating Officer of Genting Berhad.
Where representation and input from subsidiary companies
are required, management members of the subsidiary
companies will be invited to attend these meetings.
The RBCMCs of the principal subsidiaries - Genting
Malaysia, Genting Plantations and Genting Singapore -
are represented by their relevant senior management and
chaired by the Deputy Chief Operating Officer, the Chief
Financial Officer and Executive Vice President of Corporate
Services respectively.
GENTING BERHAD | ANNUAL REPORT 2017
The RBCMC of the Company met on a quarterly basis in
2017 to ensure the continual effectiveness, adequacy and
integrity of the risk management system and key matters
were escalated to the ARMC and Board for deliberation and
approval.
Internal Audit Function
The Internal Audit Division is responsible for undertaking
regular and systematic reviews of the risk management
and internal control processes to provide the ARMC and the
Board with sufficient assurance that the system of internal
control is effective in addressing the risks identified.
Key elements of Genting Berhad’s internal control system
are as follows:
• The Board and the ARMC meet every quarter to
discuss business and operational matters raised by
Management, Internal Audit and the external auditors
including potential risks and control issues.
• The external auditors independently test certain
internal controls as part of their audit of the
financial statements, and provide recommendations
on significant findings detected. Management
takes appropriate action on these internal control
recommendations.
• The Board has delegated the responsibilities to various
committees established by the Board and Management
of the Company and its principal subsidiary companies
to implement and monitor the Board’s policies on
controls.
• Delegation of authority including authorisation limits
at various levels of Management and those requiring
the Board’s approval are documented and designed to
ensure accountability and responsibility.
• Internal procedures and policies are documented in
manuals, which are reviewed and revised periodically to
meet changing business and operational requirements
as well as statutory reporting needs.
• Performance and cash flow reports are provided to
Management and the Group Executive Committee
to facilitate review and monitoring of financial
performance and cash flow position.
• Business/operating units present their annual budgets,
which include financial and operating targets, capital
expenditure proposals and performance indicators for
review by the Executive Committee and the Board.
• Quarterly results are compared with the budget to
identify and where appropriate, to address significant
variances from the budget.
• A whistleblower policy is in place and anyone who has
a genuine concern on detrimental actions or improper
conduct may raise it using the confidential channels
laid out in the policy.
Internal Audit functions independently of the operational
activities it audits and carries out its duties according to the
standards and best practices set out by professional bodies,
primarily consistent with the Standards of Professional
Practice of Internal Auditing issued by the Institute of
Internal Auditors and where applicable, reference is made
to the standards and statements issued by international
accounting bodies.
 STATEMENT ON RISK MANAGEMENT
AND INTERNAL CONTROL (cont’d)
for the Financial Year ended 31 December 2017
Internal Audit Function (cont’d)
On a quarterly basis, Internal Audit submits audit reports
and audit plan status for review and approval by the ARMC.
Included in the reports are recommended corrective
measures on risks identified, if any, for implementation
by Management. Internal Audit also conducts subsequent
follow-up work to check that Management has dealt with
the recommendations satisfactorily.
The internal audit reviews during the financial year had
identified some weaknesses in internal control. These
weaknesses have not materially impacted the business or
operations of the Group and are not deemed significant.
Management has either taken the necessary measures to
address these weaknesses or is in the process of addressing
them.
Risk Management Function
The Risk Management Department facilitates the
implementation of the risk management framework and
processes with the respective business or operating units
and reviews that risks that may impede the achievement
of objectives are adequately identified, evaluated, managed
and controlled.
On a quarterly basis, Risk Management prepares a report
detailing the significant risks, the status of risk reviews and
the status of implementation of action plans for review by
the RBCMC and the ARMC.
During the year under review, the Risk Management
Framework for Genting Berhad was reviewed and revised to
align its practices with ISO31000:2009 Risk Management
Principles and Guidelines. Amongst others, the revised
framework articulates the risk policy, the risk tolerance
levels, standardised classifications and categories of risks
and the risk review process. The revised Risk Management
Framework was approved for application by the Board of
Directors at its meeting on 23 November 2017 and has
taken effect from 1 January 2018.
Additionally, the Business Continuity Management
Framework, which is a core component of good corporate
governance and an integral part of risk management,
was revised during the year. The Business Continuity
Management Framework, which provides business
resilience in the face of a crisis and ensures continuity
of operations, is aligned with ISO22301:2012 Societal
Security - Business Continuity Management Systems. This
framework was approved by the Board at its meeting on 23
November 2017 and has taken effect from 1 January 2018.
Key aspects of the risk management process during the
year under review were:
• Risks were identified by each key business function
or activity along with assessments of the probability
and impact of their occurrence. The level of residual
79
risk was determined after identifying and evaluating
the effectiveness of existing controls and mitigating
measures.
• The risk profiles were re-examined on a six monthly
basis and Business/Operations Heads provided a
confirmation that the review was carried out and that
action plans were being monitored.
• The Risk Management Department facilitated
discussions with Business/Operations Heads to assess
the reasonableness of the risks identified and the
appropriateness of the proposed mitigating actions.
• On a quarterly basis the RBCMC of the respective
companies met to review the status of risk reviews,
the significant risks identified and the progress of
implementation of action plans. Consequently, a risk
management report summarising the significant
risks and/or status of action plans of the respective
companies was presented to the respective ARMCs
for their review, deliberation and recommendation for
endorsement by the respective Boards of Directors.
Key Risks for 2017
a. Financial Risk
The Group was exposed to foreign currency exchange,
interest rate, credit, price and liquidity risks. With the
objective of optimising value creation for shareholders,
the strategies adopted to manage these risks were
mostly to minimise potential adverse impact to the
financial performance of the Group. These included
entering into forward foreign currency exchange
contracts, entering into floating-to-fixed interest
rate swaps, a comprehensive insurance program and
adherence to financial risk management policies.
b. Security Risk
The Group was exposed to external threats to its
assets, employees and resources, which may interrupt
business operations, threaten the safety of employees,
impair the Group’s reputation and/or result in financial
loss. In light of this, vigilant security screening and
monitoring was employed by the Group at all its key
properties and assets.
c. Business Continuity Risk
The daily business activities of the Group may be
disrupted by failure of IT systems, cyber-attacks,
a major health pandemic or even inaccessibility to
the workplace. Appropriate systems with adequate
capacity, security arrangements, facilities and resources
to mitigate risks that may cause interruption to critical
business functions have been put in place. Respective
departments have established their Disaster Recovery
and Business Continuity Management Plans. These
plans were reviewed and updated and tests were
also conducted, including on the core information
technology systems to ascertain the preparedness in
response to prolonged business disruption situations.
Findings and feedbacks were gathered post exercise
and analysed for continual improvement.
ANNUAL REPORT 2017 | GENTING BERHAD
80 STATEMENT ON RISK MANAGEMENT
AND INTERNAL CONTROL (cont’d)
for the Financial Year ended 31 December 2017

Key Risks for 2017 (cont’d)

d. Cybersecurity Risk
The Group was exposed to the risk of malware, ransomware, unauthorised access, corruption and/or loss of its information
assets. To manage these risks, processes have been put in place to manage and protect the confidentiality, integrity,
and availability of data and critical infrastructure. Amongst others, network gateway protection systems limit, manage
and monitor network traffic and accessibility to the Group’s systems; anti-malware software installed in all systems
and endpoints; and encryption used to protect critical and confidential data. Any notifications and alerts received for
suspicious network traffic were investigated. Regular maintenance of the Group’s systems were carried out and action
taken to close any identified gaps.

Conclusion

The process as outlined in this statement for identifying, evaluating and managing risks has been in place for the year
under review and up to date of approval of this statement. The risk management process and internal control system of the
Group have been reviewed and found to be operating adequately and effectively in all material respects and the Board has
accordingly received a statement of assurance from the relevant key executive officers including the Chairman and Chief
Executive, President and Chief Operating Officer and Chief Financial Officer of the Company.

The representations made by the Group’s principal subsidiaries in respect of their risk management and internal control
systems have been taken into consideration by the Board in issuing this statement.

The disclosures in this statement do not include the risk management and internal control practices of the Company’s jointly
controlled and associated companies. The Company’s interests in these entities are safeguarded through the appointment
of members of the Company’s senior management to the boards of directors of the investee companies and, in certain
cases, the management committees of these entities. Additionally, where necessary, key financial and other appropriate
information on the performance of these entities were obtained and reviewed periodically.

Review Of Statement By External Auditors

As required by Paragraph 15.23 of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the external
auditors have reviewed this Statement on Risk Management and Internal Control. Their limited assurance review
was performed in accordance with Audit and Assurance Practice Guide (“AAPG”) 3 issued by the Malaysian Institute of
Accountants.

AAPG 3 does not require the external auditors to form an opinion on the adequacy and effectiveness of the risk management
and internal control systems of the Company.

This Statement on Risk Management and Internal Control is made in accordance with the resolution of the Board dated
27 February 2018.

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO 81
SECTION 251(2) OF THE COMPANIES ACT 2016

The Directors of GENTING BERHAD have pleasure in submitting their report together with this statement pursuant to Section
251(2) of the Companies Act 2016 therein and the audited financial statements of the Group and of the Company for the
financial year ended 31 December 2017.

PRINCIPAL ACTIVITIES

The Company is principally an investment holding and management company.

The principal activities of the Group include leisure and hospitality, gaming and entertainment businesses, development and
operation of integrated resorts, plantation, generation and supply of electric power, property development and management,
tours and travel related services, investments, life sciences and biotechnology activities and oil and gas exploration, development
and production activities.

Details of the principal activities of the subsidiaries, joint ventures and associates are set out in Note 45 to the financial
statements.

There have been no other significant changes in the nature of the activities of the Group and of the Company during the
financial year.

FINANCIAL RESULTS

Group Company
RM Million RM Million

Profit before taxation 4,312.2 734.2

Taxation (1,069.4) (138.5)
Profit for the financial year 3,242.8 595.7

CONSOLIDATION OF SUBSIDIARY WITH DIFFERENT FINANCIAL YEAR END

The Companies Commission of Malaysia (“CCM”) had on 15 January 2018 granted an order pursuant to Section 247 of the
Companies Act 2016 approving the application by the Company to allow Resorts World Travel Services Private Limited
(incorporated in India), a wholly owned subsidiary of Resorts World Tours Sdn Bhd, which in turn is a wholly owned subsidiary
of Genting Malaysia Berhad, a company which is 49.4% owned by the Company to adopt a financial year end which does not
coincide with that of the Company in relation to the financial year ending 31 March 2018, subject to the following conditions:

(i) The Company is required to report this approval in its Directors’ Report; and

(ii) The Company is to ensure compliance with Sections 252 and 253 of the Companies Act 2016 and Approved Accounting
Standards pertaining to the preparation of Consolidated Accounts.

TREASURY SHARES

The shareholders of the Company had granted a mandate to the Company to purchase its own shares at the Annual General
Meeting of the Company held on 1 June 2017.

As at 31 December 2017, the total number of shares purchased was 26,320,000 and held as treasury shares in accordance with
the provisions of Section 127(4) of the Companies Act 2016.

DIVIDENDS

Dividends paid by the Company since the end of the previous financial year were:

(i) A special single-tier dividend of 6.5 sen per ordinary share amounting to RM242.0 million in respect of the financial year
ended 31 December 2016 was paid by the Company on 30 March 2017;

(ii) A final single-tier dividend of 6.0 sen per ordinary share amounting to RM226.6 million in respect of the financial year
ended 31 December 2016 was paid by the Company on 23 June 2017; and

(iii) An interim single-tier dividend of 8.5 sen per ordinary share amounting to RM324.3 million in respect of the financial year
ended 31 December 2017 was paid by the Company on 6 October 2017.

A special single-tier dividend of 7.0 sen per ordinary share in respect of the financial year ended 31 December 2017 has been
declared for payment on 3 April 2018 to shareholders registered in the Register of Members on 14 March 2018. Based on the
total number of issued shares (excluding treasury shares) of the Company as at 31 December 2017, the special dividend would
amount to RM267.8 million.

ANNUAL REPORT 2017 | GENTING BERHAD

82 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)

DIVIDENDS (cont’d)

The Directors recommend payment of a final single-tier dividend of 6.0 sen per ordinary share in respect of the financial year
ended 31 December 2017 to be paid to shareholders registered in the Register of Members on a date to be determined later by
the Directors. Based on the total number of issued shares (excluding treasury shares) of the Company as at 31 December 2017,
the final dividend would amount to RM229.5 million.

RESERVES AND PROVISIONS

There were no other material transfers to or from reserves or provisions during the financial year other than as disclosed in
Notes 30, 35 and 38 to the financial statements.

ISSUE OF SHARES AND DEBENTURES

During the financial year, 101,761,099 new ordinary shares were issued by virtue of the exercise of 101,761,099 warrants to
subscribe for 101,761,099 ordinary shares in the share capital of the Company at an exercise price of RM7.96 per ordinary share
pursuant to the non-renounceable restricted issue of 764,201,920 new warrants in the Company (“Warrants 2013/2018”).

All the above mentioned ordinary shares rank pari passu with the then existing ordinary shares of the Company.

There were no issue of debentures during the financial year.

SHARE OPTIONS

No options have been granted by the Company to any parties during the financial year to take up unissued shares of the
Company.

No shares have been issued during the financial year by virtue of the exercise of any option to take up unissued shares of the
Company. As at the end of the financial year, there were no unissued shares of the Company under options.

WARRANTS 2013/2018

The Warrants 2013/2018 are listed on the Main Market of Bursa Malaysia Securities Berhad with effect from 23 December 2013.

Each Warrant carries the right to subscribe for 1 new ordinary share in the Company at any time from 19 December 2013 up to
the expiry date on 18 December 2018, at an exercise price of RM7.96 for each new share. Any warrant not exercised by the expiry
of the exercise period will lapse and cease to be valid for all purposes. The Warrants 2013/2018 are constituted by a Deed Poll
dated 12 November 2013.

The ordinary shares issued from the exercise of Warrants 2013/2018 shall rank pari passu in all respects with the existing
issued ordinary shares of the Company except that they shall not be entitled to any dividends, rights, allotments and/or other
distributions, the entitlement date of which is prior to the date of allotment of the new shares arising from the exercise of
Warrants 2013/2018.

At the end of the financial year, there were 631,904,467 outstanding warrants of the Company.

DIRECTORATE

The Directors in office during the financial year and during the period from the end of the financial year to the date of this report
are:

Tan Sri Lim Kok Thay

Tun Mohammed Hanif bin Omar*
Mr Lim Keong Hui
Dato’ Dr. R. Thillainathan*
Tan Sri Dr. Lin See Yan*
Datuk Chin Kwai Yoong
Tan Sri Foong Cheng Yuen*
Madam Koid Swee Lian (Appointed on 23 November 2017)

* Tun Mohammed Hanif bin Omar, Dato’ Dr. R. Thillainathan, Tan Sri Dr. Lin See Yan and Tan Sri Foong Cheng Yuen retired as
Directors of the Company at the conclusion of the Company’s 49th Annual General Meeting held on 1 June 2017 in accordance
with Section 129 of the Companies Act 1965. On the same day, they were appointed as Directors of the Company pursuant to
a resolution of the Board of Directors of the Company dated 1 June 2017.

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO 83
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)
DIRECTORATE (cont’d)

According to the Register of Directors’ Shareholdings, the following persons who were Directors of the Company at the end
of the financial year have interests in shares and/or performance shares and/or warrants of the Company, Genting Malaysia
Berhad, a company which is 49.3% owned by the Company as at 31 December 2017, Genting Plantations Berhad and Genting
Singapore PLC, both of which are subsidiaries of the Company, as set out below:

Interest in the Company

Shareholdings in which the Directors

have direct interests 1.1.2017 Acquired Disposed 31.12.2017
(Number of ordinary shares)
Tan Sri Lim Kok Thay 68,119,980 - - 68,119,980
Tun Mohammed Hanif bin Omar 206,000 - - 206,000
Dato’ Dr. R. Thillainathan 20,000 - - 20,000
Tan Sri Foong Cheng Yuen - 10,000 - 10,000
Shareholdings in which the Directors
have deemed interests
Tan Sri Lim Kok Thay - 1,630,411,110(a) - 1,630,411,110(a)
Mr Lim Keong Hui - 1,630,411,110(a) - 1,630,411,110(a)

Interest of Spouse/Child of the Director

Dato’ Dr. R. Thillainathan 623,000 - - 623,000

Warrantholdings in which the Exercised/

Directors have direct interests 1.1.2017 Acquired Disposed 31.12.2017
(Number of warrants 2013/2018)
Tan Sri Lim Kok Thay 17,029,995 - - 17,029,995
Tun Mohammed Hanif bin Omar 76,500 - - 76,500
Dato’ Dr. R. Thillainathan 5,000 - - 5,000

Interest of Spouse/Child of the Director

Dato’ Dr. R. Thillainathan 155,750 - 17,000 138,750
Warrantholdings in which the
Directors have deemed interests 1.1.2017 Acquired Disposed 31.12.2017
(Number of ordinary shares)
Tan Sri Lim Kok Thay - 407,602,777(a) - 407,602,777(a)
Mr Lim Keong Hui - 407,602,777(a) - 407,602,777(a)

Interest in Genting Malaysia Berhad (“Genting Malaysia”)

Shareholdings in which the Directors
have direct interests 1.1.2017 Acquired Disposed 31.12.2017
(Number of ordinary shares)
Tan Sri Lim Kok Thay 4,349,800 3,778,100 - 8,127,900
Tun Mohammed Hanif bin Omar 786,100 117,100 200,000 703,200
Mr Lim Keong Hui 61,200 125,600 - 186,800
Tan Sri Dr. Lin See Yan 450,000 - - 450,000

Shareholdings in which the Directors

have deemed interests
Tan Sri Lim Kok Thay - 2,796,992,189(b) - 2,796,992,189(b)
Mr Lim Keong Hui - 2,796,992,189(b) - 2,796,992,189(b)

ANNUAL REPORT 2017 | GENTING BERHAD

84 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)
DIRECTORATE (cont’d)

Interest in Genting Malaysia (cont’d)

Long Term Incentive Plan shares in the Granted on Vested on
names of Directors 1.1.2017 16.3.2017 16.3.2017 31.12.2017
(Number of ordinary shares)
Restricted Share Plan
Tan Sri Lim Kok Thay 3,709,200(e) 494,225(e) - 4,203,425(e)
Tun Mohammed Hanif bin Omar 115,000(e) 56,800(e) - 171,800(e)
Mr Lim Keong Hui 123,400(e) 60,000(e) - 183,400(e)
Performance Share Plan
Tan Sri Lim Kok Thay 9,524,748(e) 1,467,339(e) 3,778,100 7,213,987(e)
Tun Mohammed Hanif bin Omar 295,262(e) 178,928(e) 117,100 357,090(e)
Mr Lim Keong Hui 315,738(e) 188,786(e) 125,600 378,924(e)

Interest in Genting Plantations Berhad (“Genting Plantations”)

Shareholding in which the Director
has direct interest 1.1.2017 Acquired Disposed 31.12.2017
(Number of ordinary shares)
Tan Sri Lim Kok Thay 369,000 - - 369,000

Interest of Spouse/Child of the Director

Dato’ Dr. R. Thillainathan 10,000 - - 10,000
Shareholdings in which the Directors
have deemed interests
Tan Sri Lim Kok Thay - 407,005,000(c) - 407,005,000(c)
Mr Lim Keong Hui - 407,005,000(c) - 407,005,000(c)
Warrantholding in which the Director Exercised/
has direct interest 1.1.2017 Acquired Disposed 31.12.2017
(Number of warrants 2013/2019)
Tan Sri Lim Kok Thay 73,800 - - 73,800

Warrantholdings in which the Directors

have deemed interests
Tan Sri Lim Kok Thay - 81,401,000(c) - 81,401,000(c)
Mr Lim Keong Hui - 81,401,000(c) - 81,401,000(c)

Interest of Spouse/Child of the Director

Dato’ Dr. R. Thillainathan 2,000 - - 2,000

Interest in Genting Singapore PLC (“Genting Singapore”)

Shareholdings in which the Directors
have direct interests 1.1.2017 Acquired Disposed 31.12.2017
(Number of ordinary shares)
Tan Sri Lim Kok Thay 12,695,063 750,000 - 13,445,063
Dato’ Dr. R. Thillainathan 1,582,438 - - 1,582,438
Tan Sri Dr. Lin See Yan 496,292 - - 496,292

Shareholdings in which the Directors

have indirect/deemed interests
Tan Sri Lim Kok Thay 6,353,828,069(d) - - 6,353,828,069(d)
Mr Lim Keong Hui 6,353,828,069 (d)
- - 6,353,828,069(d)
Performance Shares in the
name of a Director 1.1.2017 Awarded Vested 31.12.2017
(Number of performance shares)
Tan Sri Lim Kok Thay 750,000(f) - 750,000 -

GENTING BERHAD | ANNUAL REPORT 2017

 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO 85
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)

DIRECTORATE (cont’d)

Legend:

(a) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:

i) beneficiaries of a discretionary trust of which Parkview Management Sdn Bhd (“PMSB”) is the trustee. PMSB as trustee
of the discretionary trust owns 100% of the voting shares of Kien Huat International Limited (“KHI”) which in turn owns
100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). As such, PMSB as trustee of the discretionary
trust is deemed interested in the ordinary shares and warrants of the Company held by KHR and Inverway Sdn Bhd
(“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR and Inverway; and

ii) beneficiaries of a discretionary trust of which First Names Trust Company (Isle of Man) Limited (“FNTC”) is the trustee.
Golden Hope Limited (“GHL”) acts as trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust whose voting
units are ultimately owned by FNTC as trustee of the discretionary trust. GHL as trustee of the GHUT owns ordinary
shares and warrants in the Company.

Arising from the above, Tan Sri Lim Kok Thay and Mr Lim Keong Hui have deemed interests in the shares of certain
subsidiaries of Genting Berhad.

(b) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:

i) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns
100% of the voting shares of KHI which in turn owns 100% of the voting shares of KHR. KHR owns more than 20% of
the voting shares of the Company which owns these ordinary shares in Genting Malaysia. As such, PMSB as trustee
of the discretionary trust is deemed interested in the ordinary shares of Genting Malaysia held by the Company as it
is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in the
Company. PMSB as trustee of the discretionary trust is also deemed interested in the ordinary shares of Genting
Malaysia held by KHR by virtue of its controlling interest in KHR; and

ii) beneficiaries of a discretionary trust of which FNTC is the trustee. GHL acts as trustee of the GHUT, a private unit trust
whose voting units are ultimately owned by FNTC as trustee of the discretionary trust. GHL as trustee of the GHUT
owns ordinary shares in Genting Malaysia.

(c) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of
which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which in
turn owns 100% of the voting shares in KHR. KHR owns more than 20% of the voting shares of the Company which owns
these ordinary shares and warrants in Genting Plantations. As such, PMSB as trustee of the discretionary trust is deemed
interested in the ordinary shares and warrants of Genting Plantations held by the Company as it is entitled to exercise or
control the exercise of not less than 20% of the votes attached to the voting shares in the Company.

(d) Deemed interest in accordance with the Singapore Securities and Futures Act (Cap 289) on account of Tan Sri Lim Kok
Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of which PMSB is the trustee.

PMSB as trustee of the discretionary trust is deemed interested in the shares of Genting Singapore held by KHR and
Genting Overseas Holdings Limited, a wholly owned subsidiary of the Company. KHR controls more than 20% of the voting
share capital of the Company.

(e) Represents the right of the participant to receive ordinary shares subject to the performance conditions as determined by
the Remuneration Committee of Genting Malaysia.

(f) Represents the right of the participant to receive fully-paid shares of Genting Singapore free of charge, upon the participant
satisfying the criteria set out in the Genting Singapore Performance Share Scheme and upon satisfying such criteria as
may be imposed.

Apart from the above disclosures:

(a) the Directors of the Company do not have any other interests in shares in the Company and in shares in other related
corporations of the Company either at the beginning or end of the financial year; and

(b) neither during nor at the end of the financial year, was the Company a party to any arrangement whose object is to enable
the Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body
corporate.

ANNUAL REPORT 2017 | GENTING BERHAD

86 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)

DIRECTORATE (cont’d)

Since the end of the previous financial year, no Director of the Company has received or become entitled to receive a benefit
(other than a benefit included in the aggregate amount of remuneration received or due and receivable by the Directors and
the provision for Directors’ retirement gratuities shown in the financial statements or the fixed salary of a full time employee of
the Company and/or its related corporations) by reason of a contract made by the Company or a related corporation with the
Director or with a firm of which he is a member or with a company in which he has a substantial financial interest except for any
benefit which may be deemed to have arisen by virtue of the following transactions:

(i) A corporation in which Tan Sri Lim Kok Thay is a Director and has substantial financial interest, has:

(a) leased an office premise on the 10th Floor, Genting Centre, Singapore from Resorts World Properties Pte. Ltd., a wholly
owned subsidiary of Genting Singapore, which in turn is an indirect 52.7% owned subsidiary of the Company.

(b) been appointed by Resorts World at Sentosa Pte. Ltd., an indirect wholly owned subsidiary of Genting Singapore, as the
consultant for theme park and resort development and operations of the Resorts World Sentosa.

(c) been appointed by Genting Malaysia, a company which is 49.4% owned by the Company, as the consultant for theme
park and resort development and operations of the Resorts World Genting at Genting Highlands.

(d) been appointed by Resorts World Las Vegas LLC, an indirect wholly owned subsidiary of the Company to provide design
services as an Entertainment Design Consultant for the indoor Entertainment Street of the Resorts World Las Vegas
project.

(ii) Transactions made by the Company or its related corporations with certain corporations referred to in Note 44 to the
financial statements in which the nature of relationships of Tan Sri Lim Kok Thay and Mr Lim Keong Hui are disclosed
therein.

In accordance with Paragraph 104 of the Company’s Constitution, Tun Mohammed Hanif bin Omar, Dato’ Dr. R. Thillainathan,
Tan Sri Dr. Lin See Yan, Tan Sri Foong Cheng Yuen and Madam Koid Swee Lian are due to retire at the forthcoming Annual
General Meeting (“AGM”) and they, being eligible, have offered themselves for election.

Tan Sri Lim Kok Thay is due to retire by rotation at the forthcoming AGM in accordance with Paragraph 99 of the Company’s
Constitution and he, being eligible, has offered himself for re-election.

Details of the remuneration of the Directors of the Company are set out in Note 11 to the financial statements.

The names of directors of subsidiaries where the shares are held by the Company are listed below (excluding directors who are
also Directors of the Company):

Tan Sri Dato’ Seri Alwi Jantan Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R)
Tan Sri Clifford Francis Herbert Lt. Gen. Dato’ Abdul Ghani bin Abdullah (R)
Mr Quah Chek Tin Mr Ching Yew Chye
Mr Teo Eng Siong Mr Yong Chee Kong
Dato’ Koh Hong Sun Tan Sri Dato’ Sri Zaleha binti Zahari
Mr Tan Kong Han Mr Lee Ser Wor
Mr Ong Tiong Soon Mr Hiu Woon Yau
Mr Chong Kin Leong Professor Claude Michel Wischik
Mr Derrik Khoo Sin Huat Mr Wong Kin Meng
Ms Goh Lee Sian Dr Loh Yin Sze (alternate director to Mr Wong Kin Meng)
Encik Azmi bin Abdullah Ms Christine Chan Meng Yook
Ms Chiew Sow Lin Mr Declan Thomas Kenny
Ms Woon Yoke Sun Mr Charles Gary Hepburn
Mr Chew Weng Hong Mr Christopher James Tushingham (alternate director to
Dato’ Justin Leong Ming Loong Mr Charles Gary Hepburn)
Ms Koh Poy Yong Encik Mohd Din Jusoh*
* Retired during the financial year

Total directors’ remuneration paid by these subsidiaries during the financial year is RM2.0 million.

INDEMNITY AND INSURANCE COSTS

The Directors and officers of the Group and the Company are covered by Directors and Officers Liability Insurance (“D&O”) for
any liability incurred in the discharge of their duties provided that they have not acted fraudulently or dishonestly or derived
any personal profit or advantage. The sum insured was determined by the Company after taking into account the diversified
nature of the Group’s businesses across multiple territories globally. The premium borne by the Company and the Group for the
D&O coverage during the financial year was approximately RM0.1 million and RM0.8 million respectively.
GENTING BERHAD | ANNUAL REPORT 2017
 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO 87
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)

OTHER STATUTORY INFORMATION

Before the financial statements of the Group and of the Company were prepared, the Directors took reasonable steps:

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been
made for doubtful debts; and

(ii) to ensure that any current assets, which were unlikely to be realised in the ordinary course of business including the values
of current assets as shown in the accounting records of the Group and of the Company had been written down to an amount
which the current assets might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances:

(i) which would render the amounts written off for bad debts or the amount of the provision for doubtful debts inadequate
to any substantial extent;

(ii) which would render the values attributed to current assets in the financial statements of the Group and of the Company
misleading;

(iii) which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group
and of the Company misleading or inappropriate; and

(iv) not otherwise dealt with in this report or in the financial statements of the Group and of the Company, that would render any
amount stated in the financial statements misleading.

At the date of this report, there does not exist:

(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year which secures the
liabilities of any other person; or

(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.

No contingent or other liability of the Group or of the Company has become enforceable, or is likely to become enforceable within
the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect
the ability of the Group or of the Company to meet their obligations, as and when they fall due.

In the opinion of the Directors:

(i) the results of the operations of the Group and of the Company during the financial year have not been substantially affected
by any item, transaction or event of a material and unusual nature; and

(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year
and the date of this report which is likely to affect substantially the results of the operations of the Group and of the Company
for the financial year in which this report is made.

SUBSIDIARIES

Details of the subsidiaries of the Company are set out in Note 45 to the financial statements.

AUDITORS

Details of auditors’ remuneration are set out in Note 9 to the financial statements.

The auditors, PricewaterhouseCoopers PLT (LLP0014401-LCA & AF1146), have expressed their willingness to accept
re-appointment as auditors.

PricewaterhouseCoopers PLT (LLP0014401-LCA & AF1146) was registered on 2 January 2018 and with effect from that date,
PricewaterhouseCoopers (AF1146), a conventional partnership was converted to a limited liability partnership.

ANNUAL REPORT 2017 | GENTING BERHAD

88 DIRECTORS’ REPORT AND STATEMENT PURSUANT TO
SECTION 251(2) OF THE COMPANIES ACT 2016 (cont’d)

STATEMENT BY DIRECTORS PURSUANT TO SECTION 251(2) OF THE COMPANIES ACT 2016

We, TAN SRI LIM KOK THAY and TUN MOHAMMED HANIF BIN OMAR, being two of the Directors of GENTING BERHAD, do
hereby state that, in the opinion of the Directors, the accompanying financial statements set out on pages 89 to 194 are drawn up
so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2017 and financial
performance of the Group and of the Company for the financial year ended 31 December 2017 in accordance with the Financial
Reporting Standards, the Malaysian Accounting Standards Board Approved Accounting Standards in Malaysia for Entities Other
Than Private Entities and the requirements of the Companies Act 2016 in Malaysia.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors dated 27 February 2018.

TAN SRI LIM KOK THAY TUN MOHAMMED HANIF BIN OMAR
Chairman and Chief Executive Deputy Chairman

Kuala Lumpur

GENTING BERHAD | ANNUAL REPORT 2017

 INCOME STATEMENTS 89
for the Financial Year Ended 31 December 2017

Amounts in RM million unless otherwise stated

Group Company
Note(s) 2017 2016 2017 2016
Restated

Revenue 5&6 20,019.6 18,365.8 1,417.2 1,064.6

Cost of sales 7 (12,741.8) (12,543.1) (120.4) (97.4)

Gross profit 7,277.8 5,822.7 1,296.8 967.2
Other income 1,770.1 3,002.0 72.0 69.9
Selling and distribution costs (467.4) (445.0) - -
Administration expenses (1,515.6) (1,499.7) (16.3) (16.2)
Reversal of previously recognised impairment losses 8 - 195.2 - -
Impairment losses 8 (675.0) (188.2) (311.5) (45.5)
Other expenses
- net fair value loss on derivative financial
instruments (42.3) (93.5) - -
- others (1,038.2) (538.8) (126.6) (16.8)
Finance cost 9 (950.1) (678.8) (180.2) (181.7)
Share of results in joint ventures 23 38.8 (5.3) - -
Share of results in associates 24 (85.9) (111.1) - -

Profit before taxation 5&9 4,312.2 5,459.5 734.2 776.9

Taxation 12 (1,069.4) (981.7) (138.5) (132.5)

Profit for the financial year 3,242.8 4,477.8 595.7 644.4

Profit attributable to:

Equity holders of the Company 1,445.3 2,120.6 595.7 644.4
Holders of perpetual capital securities of a
subsidiary 256.5 365.8 - -
Non-controlling interests 1,541.0 1,991.4 - -
3,242.8 4,477.8 595.7 644.4

Earnings per share for profit attributable to the

equity holders of the Company:
Basic (sen) 13 38.28 57.00
Diluted (sen) 13 37.62 56.63

ANNUAL REPORT 2017 | GENTING BERHAD

90 STATEMENTS OF COMPREHENSIVE INCOME
for the Financial Year Ended 31 December 2017

Amounts in RM million unless otherwise stated

Group Company
Note 2017 2016 2017 2016
Restated

Profit for the financial year 3,242.8 4,477.8 595.7 644.4

Other comprehensive (loss)/income

Items that will not be reclassified

subsequently to profit or loss:
Reversal of revaluation surplus on intangible assets - (13.3) - -
Actuarial gain/(loss) on retirement benefit liability 7.8 (10.6) - -
7.8 (23.9) - -

Items that will be reclassified

subsequently to profit or loss:
Available-for-sale financial assets
- Fair value gain/(loss) 26.3 (411.3) - -
- Reclassification to profit or loss (168.6) (728.0) - -
(142.3) (1,139.3) - -
Cash flow hedges
- Fair value gain 73.8 49.0 - -
- Reclassifications (12.5) 6.4 - -
61.3 55.4 - -
Share of other comprehensive income
of joint ventures 23 (9.1) 4.1 - -
Share of other comprehensive income of associates 24 (47.3) 18.7 - -
Net foreign currency exchange differences (2,405.7) 131.5 - -
(2,543.1) (929.6) - -
Other comprehensive loss
for the financial year, net of tax (2,535.3) (953.5) - -
Total comprehensive income for the
financial year 707.5 3,524.3 595.7 644.4

Total comprehensive (loss)/income attributable to:

Equity holders of the Company (233.4) 1,789.6 595.7 644.4
Holders of perpetual capital securities of
a subsidiary 114.6 439.2 - -
Non-controlling interests 826.3 1,295.5 - -
707.5 3,524.3 595.7 644.4

GENTING BERHAD | ANNUAL REPORT 2017

 STATEMENTS OF FINANCIAL POSITION 91
as at 31 December 2017

Amounts in RM million unless otherwise stated

Group Company
Note 31 December 31 December 1 January 31 December 31 December
2017 2016 2016 2017 2016
Restated Restated
ASSETS
Non-Current Assets
Property, plant and equipment 15 36,228.8 34,783.6 32,963.5 2.8 2.0
Land held for property development 16 384.3 378.9 359.7 - -
Investment properties 17 1,965.3 2,099.6 2,070.7 - -
Plantation development 18 - - - - -
Leasehold land use rights 19 641.0 495.8 387.1 - -
Intangible assets 20 5,903.8 6,527.4 6,666.6 - -
Rights of use of oil and gas assets 21 3,608.1 4,069.7 3,881.2 - -
Subsidiaries 22 - - - 14,286.4 14,357.4
Amounts due from subsidiaries 22 - - - 68.7 68.7
Joint ventures 23 1,213.8 1,284.8 1,118.7 - -
Associates 24 720.2 1,023.3 1,200.8 - -
Available-for-sale financial assets 26 1,957.4 2,117.0 2,303.0 - -
Derivative financial instruments 41 4.3 114.1 121.8 227.9 232.8
Other non-current assets 27 6,019.8 6,164.2 4,642.3 - -
Deferred tax assets 28 201.3 238.9 393.3 24.6 20.9
58,848.1 59,297.3 56,108.7 14,610.4 14,681.8
Current Assets
Property development costs 16 31.2 50.0 90.8 - -
Inventories 29 580.4 583.0 480.6 - -
Trade and other receivables 30 2,123.7 2,344.9 3,751.5 10.5 10.8
Current tax assets 247.7 134.3 96.8 - -
Amounts due from subsidiaries 22 - - - 66.4 275.4
Amounts due from joint ventures 23 4.2 3.8 3.5 - -
Amounts due from associates 24 1.1 7.0 8.7 - -
Financial assets at fair value
through profit or loss 25 7.4 10.8 8.1 - -
Available-for-sale financial assets 26 868.1 1,619.7 1,566.6 - 200.0
Derivative financial instruments 41 3.9 7.7 93.1 - -
Restricted cash 31 1,325.1 565.1 626.3 0.1 0.1
Cash and cash equivalents 31 29,491.9 25,318.5 23,612.9 2,460.2 1,430.4
34,684.7 30,644.8 30,338.9 2,537.2 1,916.7
Assets classified as held for sale 32 75.7 1,600.9 2,077.1 - -
34,760.4 32,245.7 32,416.0 2,537.2 1,916.7
Total Assets 93,608.5 91,543.0 88,524.7 17,147.6 16,598.5
EQUITY AND LIABILITIES
Equity Attributable to Equity Holders
of the Company
Share capital 33 2,818.7 375.0 374.3 2,818.7 375.0
Treasury shares 34 (221.2) (221.2) (219.6) (221.2) (221.2)
Reserves 35 31,192.2 33,855.2 31,717.0 10,707.8 12,538.6
33,789.7 34,009.0 31,871.7 13,305.3 12,692.4
Perpetual capital securities of
a subsidiary 36 - 7,144.9 7,071.5 - -
Non-controlling interests 23,319.2 23,550.4 22,884.2 - -
Total Equity 57,108.9 64,704.3 61,827.4 13,305.3 12,692.4
Non-Current Liabilities
Long term borrowings 37 24,950.2 15,745.0 17,017.4 - -
Amounts due to subsidiaries 22 - - - 3,592.8 3,592.5
Deferred tax liabilities 28 2,205.4 2,071.2 1,947.7 - -
Derivative financial instruments 41 148.4 232.2 270.7 - -
Provisions 38 512.0 496.1 458.4 103.0 88.3
Other non-current liabilities 39 352.9 326.3 36.0 - -
28,168.9 18,870.8 19,730.2 3,695.8 3,680.8
Current Liabilities
Trade and other payables 40 5,394.2 5,194.0 5,009.4 48.0 39.1
Amounts due to subsidiaries 22 - - - 62.5 155.5
Amounts due to joint ventures 23 112.4 128.0 109.8 - -
Short term borrowings 37 2,019.1 2,219.6 1,487.3 - -
Derivative financial instruments 41 46.1 73.4 69.5 - -
Taxation 699.7 341.8 291.1 36.0 30.7
8,271.5 7,956.8 6,967.1 146.5 225.3
Liabilities classified as held for sale 32 59.2 11.1 - - -
8,330.7 7,967.9 6,967.1 146.5 225.3
Total Liabilities 36,499.6 26,838.7 26,697.3 3,842.3 3,906.1
Total Equity and Liabilities 93,608.5 91,543.0 88,524.7 17,147.6 16,598.5
ANNUAL REPORT 2017 | GENTING BERHAD
 92

Amounts in RM million unless otherwise stated

Attributable to equity holders of the Company

Perpetual
Cash Capital
Fair Flow Reserve on Securities Non-
Share Share Warrants Revaluation Value Hedge Exchange Retained Treasury of a controlling Total
Note(s) Capital Premium Reserve Reserve Reserve Reserve Differences Earnings Shares Total Subsidiary Interests Equity
Group
At 1 January 2017, as previously reported 375.0 1,481.2 1,098.7 293.0 384.3 (85.3) 6,161.5 25,316.8 (221.2) 34,804.0 7,144.9 23,804.4 65,753.3
Effect of change in accounting policies (see Note 2(d)) - - - - - - (150.7) (644.3) - (795.0) - (254.0) (1,049.0)
At 1 January 2017, as restated 375.0 1,481.2 1,098.7 293.0 384.3 (85.3) 6,010.8 24,672.5 (221.2) 34,009.0 7,144.9 23,550.4 64,704.3

GENTING BERHAD | ANNUAL REPORT 2017

Transfer from share premium 33 1,481.2 (1,481.2) - - - - - - - - - - -
Profit for the financial year - - - - - - - 1,445.3 - 1,445.3 256.5 1,541.0 3,242.8
Other comprehensive (loss)/income - - - - (107.4) 33.2 (1,605.0) 0.5 - (1,678.7) (141.9) (714.7) (2,535.3)
Total comprehensive (loss)/income for the financial year - - - - (107.4) 33.2 (1,605.0) 1,445.8 - (233.4) 114.6 826.3 707.5
Transfer due to realisation of revaluation reserve - - - (0.3) - - - 0.3 - - - - -
Transactions with owners:
Effects arising from changes in composition of the Group - - - - - - - 16.9 - 16.9 - 19.8 36.7
Transfer upon expiry of share option scheme of a subsidiary - - - - - - - 9.8 - 9.8 - (9.8) -
Effects of share-based payment - - - - - - - - - - - 80.0 80.0
Perpetual capital securities distribution paid by a subsidiary - - - - - - - - - - (357.6) - (357.6)
for the Financial Year Ended 31 December 2017

Redemption of perpetual capital securities, net of

transaction costs by a subsidiary - - - - - - - (40.1) - (40.1) (6,901.9) (35.7) (6,977.7)
Tax credit arising from perpetual capital securities of a
subsidiary - - - - - - - 10.3 - 10.3 - 9.2 19.5
STATEMENTS OF CHANGES IN EQUITY

Total changes in ownership interests in subsidiaries that

do not result in loss of control - - - - - - - (3.1) - (3.1) (7,259.5) 63.5 (7,199.1)
Issue of shares upon exercise of warrants 33 & 35 962.5 - (152.4) - - - - - - 810.1 - - 810.1
Dividend paid to non-controlling interests - - - - - - - - - - - (1,121.0) (1,121.0)
Appropriation:
Special single-tier dividend for the financial year ended 31
December 2016 14 - - - - - - - (242.0) - (242.0) - - (242.0)
Final single-tier dividend for the financial year ended 31
December 2016 14 - - - - - - - (226.6) - (226.6) - - (226.6)
Interim single-tier dividend for the financial year ended 31
December 2017 14 - - - - - - - (324.3) - (324.3) - - (324.3)
Total contributions by and distributions to owners 962.5 - (152.4) - - - - (792.9) - 17.2 - (1,121.0) (1,103.8)
Total transactions with owners 962.5 - (152.4) - - - - (796.0) - 14.1 (7,259.5) (1,057.5) (8,302.9)

Balance as at 31 December 2017 2,818.7 - 946.3 292.7 276.9 (52.1) 4,405.8 25,322.6 (221.2) 33,789.7 - 23,319.2 57,108.9
 Amounts in RM million unless otherwise stated

Attributable to equity holders of the Company

Cash Perpetual
Fair Flow Reserve on Capital Non-
Share Share Warrants Revaluation Value Hedge Exchange Retained Treasury Securities of controlling Total
Note(s) Capital Premium Reserve Reserve Reserve Reserve Differences Earnings Shares Total a Subsidiary Interests Equity
Group
At 1 January 2016, as previously reported 374.3 1,417.4 1,108.9 301.2 948.5 (203.3) 5,881.3 23,009.1 (219.6) 32,617.8 7,071.5 23,101.8 62,791.1
Effect of change in accounting policies (see Note 2(d)) - - - - - - (124.8) (621.3) - (746.1) - (217.6) (963.7)
At 1 January 2016, as restated 374.3 1,417.4 1,108.9 301.2 948.5 (203.3) 5,756.5 22,387.8 (219.6) 31,871.7 7,071.5 22,884.2 61,827.4
Profit for the financial year - - - - - - - 2,120.6 - 2,120.6 365.8 1,991.4 4,477.8
Other comprehensive (loss)/income - - - (7.0) (564.2) 1.0 254.3 (15.1) - (331.0) 73.4 (695.9) (953.5)
Total comprehensive (loss)/income for the financial year - - - (7.0) (564.2) 1.0 254.3 2,105.5 - 1,789.6 439.2 1,295.5 3,524.3
Transfer due to realisation of revaluation reserve - - - (1.2) - - - 1.2 - - - - -
Transactions with owners:
Effects arising from changes in composition of the Group - - - - - 117.0 - 305.2 - 422.2 - 61.5 483.7
Transfer upon expiry of share option scheme of a subsidiary - - - - - - - 5.2 - 5.2 - (5.2) -
Buy-back of shares by the subsidiaries - - - - - - - - - - - (4.8) (4.8)
Effects of share-based payment - - - - - - - - - - - 77.8 77.8
Perpetual capital securities distribution payable and paid
by a subsidiary - - - - - - - - - - (365.8) - (365.8)
Tax credit arising from perpetual capital securities of a
subsidiary - - - - - - - (2.1) - (2.1) - (1.8) (3.9)
Total changes in ownership interests in subsidiaries
that do not result in loss of control - - - - - 117.0 - 308.3 - 425.3 (365.8) 127.5 187.0
Issue of shares upon exercise of warrants 33 & 35 0.7 63.8 (10.2) - - - - - - 54.3 - - 54.3
Buy-back of shares by the Company 34 - - - - - - - - (1.6) (1.6) - - (1.6)
Dividend paid to non-controlling interests - - - - - - - - - - - (756.8) (756.8)
Appropriation:
Final single-tier dividend for the financial year ended 31
December 2015 14 - - - - - - - (130.3) - (130.3) - - (130.3)
Total contributions by and distributions to owners 0.7 63.8 (10.2) - - - - (130.3) (1.6) (77.6) - (756.8) (834.4)
Total transactions with owners 0.7 63.8 (10.2) - - 117.0 - 178.0 (1.6) 347.7 (365.8) (629.3) (647.4)

Balance as at 31 December 2016 375.0 1,481.2 1,098.7 293.0 384.3 (85.3) 6,010.8 24,672.5 (221.2) 34,009.0 7,144.9 23,550.4 64,704.3
for the Financial Year Ended 31 December 2017
STATEMENTS OF CHANGES IN EQUITY (cont’d)

ANNUAL REPORT 2017 | GENTING BERHAD

93
94 STATEMENTS OF CHANGES IN EQUITY (cont’d)
for the Financial Year Ended 31 December 2017

Amounts in RM million unless otherwise stated

Distributable
Share Share Warrants Retained Treasury
Note(s) Capital Premium Reserve Earnings Shares Total
Company

At 1 January 2017 375.0 1,481.2 1,098.7 9,958.7 (221.2) 12,692.4

Transfer from share premium 33 1,481.2 (1,481.2) - - - -
Profit for the financial year - - - 595.7 - 595.7
Transactions with owners:
Issue of shares upon exercise of
warrants 33 & 35 962.5 - (152.4) - - 810.1
Appropriation:
Special single-tier dividend for
the financial year ended
31 December 2016 14 - - - (242.0) - (242.0)
Final single-tier dividend for
the financial year ended
31 December 2016 14 - - - (226.6) - (226.6)
Interim single-tier dividend for
the financial year ended
31 December 2017 14 - - - (324.3) - (324.3)
Total transactions with owners 962.5 - (152.4) (792.9) - 17.2
Balance as at 31 December 2017 2,818.7 - 946.3 9,761.5 (221.2) 13,305.3

At 1 January 2016 374.3 1,417.4 1,108.9 9,444.6 (219.6) 12,125.6

Profit for the financial year - - - 644.4 - 644.4
Transactions with owners:
Issue of shares upon exercise of
warrants 33 & 35 0.7 63.8 (10.2) - - 54.3
Buy-back of shares 34 - - - - (1.6) (1.6)
Appropriation:
Final single-tier dividend for
the financial year ended
31 December 2015 14 - - - (130.3) - (130.3)
Total transactions with owners 0.7 63.8 (10.2) (130.3) (1.6) (77.6)
Balance as at 31 December 2016 375.0 1,481.2 1,098.7 9,958.7 (221.2) 12,692.4

GENTING BERHAD | ANNUAL REPORT 2017

 STATEMENTS OF CASH FLOWS 95
for the Financial Year Ended 31 December 2017

Amounts in RM million unless otherwise stated

Group Company
Note 2017 2016 2017 2016
Restated

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 4,312.2 5,459.5 734.2 776.9
Adjustments for:
Depreciation and amortisation 2,127.0 2,003.1 0.9 0.9
Finance cost 950.1 678.8 180.2 181.7
Impairment losses 675.0 188.2 311.5 45.5
Impairment losses on amounts due from subsidiaries - - 116.6 -
Net unrealised exchange loss/(gain) 304.8 (197.1) 4.4 1.4
Impairment losses and write off of receivables 168.3 804.5 - -
Share of results in associates 85.9 111.1 - -
Provision for share-based payments 80.3 77.3 - -
Provision for retirement gratuities 63.8 31.9 16.1 3.7
Property, plant and equipment (“PPE”) written off 57.0 41.0 - -
Loss/(gain) on derecognition/dilution of shareholding
in associates 62.4 (26.4) - -
Net fair value loss/(gain) on derivative financial instruments 42.3 93.5 4.9 (17.2)
Amount due from an associate written off 5.4 - - -
Net fair value loss/(gain) on financial assets at fair value
through profit or loss 2.5 (2.2) - -
Inventories written off 1.3 0.4 - -
Fair value adjustment of long term receivables 1.1 5.4 - -
Interest income (886.8) (1,024.5) (68.4) (42.2)
Gain on disposal of assets and liabilities classified as
held for sale (302.2) (3.0) - -
Net gain on disposal of available-for-sale financial assets (226.0) (1,307.0) - -
Construction profit (48.6) (111.7) - -
Share of results in joint ventures (38.8) 5.3 - -
Net gain on disposal of PPE (31.2) (127.5) - -
Income from available-for-sale financial assets (27.6) (47.1) (0.8) (7.6)
Net surplus arising from compensation in respect of land
acquired by the Government (10.6) (0.1) - -
Dividend income (10.3) (10.3) (779.6) (447.0)
Gain on bargain purchase (2.8) - - -
(Write back)/provision for onerous leases (0.3) 62.6 - -
Intangible assets written off - 80.1 - -
Reversal of previously recognised impairment losses - (195.2) - -
Other non-cash items 41.8 (20.5) - -
3,083.8 1,110.6 (214.2) (280.8)
Operating profit before changes in working capital 7,396.0 6,570.1 520.0 496.1
Working capital changes:
Property development costs 18.0 43.4 - -
Inventories (4.0) (120.2) - -
Receivables 181.8 894.8 (0.3) 4.3
Payables 13.9 (433.9) 9.0 5.8
Amounts due from/to associates 0.7 1.5 - -
Amounts due from/to joint ventures (14.4) 19.3 - -
Amounts due from/to subsidiaries - - (15.7) 10.3

196.0 404.9 (7.0) 20.4

Cash generated from operations 7,592.0 6,975.0 513.0 516.5
Taxation paid (702.2) (791.9) (136.8) (134.2)
Payment of retirement gratuities (9.4) (3.4) (1.4) (0.2)
Taxation refunded 49.9 120.8 - 6.6
Onerous lease paid (94.8) (4.5) - -
Other operating activities (0.1) (0.7) - -

(756.6) (679.7) (138.2) (127.8)

NET CASH FLOW FROM OPERATING ACTIVITIES 6,835.4 6,295.3 374.8 388.7

ANNUAL REPORT 2017 | GENTING BERHAD

96 STATEMENTS OF CASH FLOWS (cont’d)
for the Financial Year Ended 31 December 2017
Amounts in RM million unless otherwise stated
Group Company
Note 2017 2016 2017 2016
Restated
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of PPE (3,399.9) (3,955.1) (1.7) (1.4)
Acquisition of subsidiaries (a) (531.1) (106.8) - -
Purchase of investments (435.4) (589.6) (240.6) (286.4)
Purchase of investment properties (51.2) (0.3) - -
Purchase of leasehold land use rights (50.4) (13.0) - -
Purchase of intangible assets (28.9) (250.4) - -
Payment for rights of use of oil and gas assets (30.2) (132.6) - -
Investment in associate (25.2) (546.8) - -
Restricted cash (9.7) - - -
Costs incurred on land held for property development (8.4) (24.7) - -
Loan to an associate (1.0) - - -
Proceeds from disposal of assets and liabilities classified as
held for sale 1,871.3 90.4 - -
Proceeds from disposal of investments 903.7 1,828.3 200.0 -
Interest received 526.4 420.0 68.4 42.9
Proceeds from disposal of PPE 14.8 292.8 - 0.1
Dividends received from joint ventures 57.8 80.4 - -
Income received from available-for-sale financial assets 29.0 47.2 1.4 7.7
Net cash outflow arising on disposal of subsidiaries 17.5 - - -
Dividends received from associates 12.2 2.1 - -
Dividends received 3.7 19.9 779.6 447.0
Investment in joint venture - (262.0) - -
Proceeds from redemption of unquoted preference shares in a
Malaysian corporation by a subsidiary - 100.0 - -
Proceeds received from redemption of preference shares by a
joint venture - 2.7 - -
Advances to subsidiaries - - (190.6) (189.7)
Repayment of advances from subsidiaries - - 205.7 51.1
Other investing activities 13.2 0.1 - -
NET CASH FLOW (USED IN)/FROM
INVESTING ACTIVITIES (1,121.8) (2,997.4) 822.2 71.3

CASH FLOWS FROM FINANCING ACTIVITIES (b)

Redemption of perpetual capital securities by a subsidiary (6,977.7) - - -
Repayment of borrowings and transaction costs (4,357.8) (3,992.6) - -
Dividends paid to non-controlling interests (1,121.0) (756.8) - -
Finance cost paid (955.4) (776.3) (179.9) (180.1)
Dividends paid (792.9) (130.3) (792.9) (130.3)
Net movement in restricted cash (753.4) 70.9 - -
Perpetual capital securities distribution paid by a subsidiary (357.6) (365.8) - -
Proceeds from issuance of Notes by a subsidiary 6,584.8 - - -
Proceeds from bank borrowings 4,257.6 3,271.2 - -
Proceeds from issuance of Medium Term Notes by a
subsidiary 2,600.0 - - -
Proceeds from issue of shares upon exercise of warrants 810.1 54.3 810.1 54.3
Net proceeds from issuance of bonds by a subsidiary 722.9 - - -
Proceeds from issue of shares to non-controlling interests 72.5 88.2 - -
Settlement of derivative financial instruments 63.7 - - -
Proceeds from shareholder loan 28.3 - - -
Buy-back of shares by the subsidiaries - (4.8) - -
Buy-back of shares by the Company - (1.6) - (1.6)
Proceeds from changes in ownership interest in a subsidiary - 488.9 - -
Other financing activities 0.1 (0.1) - -
NET CASH FLOW USED IN FINANCING ACTIVITIES (175.8) (2,054.8) (162.7) (257.7)

NET INCREASE IN CASH AND CASH EQUIVALENTS 5,537.8 1,243.1 1,034.3 202.3
CASH AND CASH EQUIVALENTS AT BEGINNING
OF FINANCIAL YEAR 25,318.5 23,612.9 1,430.4 1,225.5
EFFECT OF CURRENCY TRANSLATION (1,364.4) 462.5 (4.5) 2.6
CASH AND CASH EQUIVALENTS AT END OF
FINANCIAL YEAR 29,491.9 25,318.5 2,460.2 1,430.4
ANALYSIS OF CASH AND CASH EQUIVALENTS
Bank balances and deposits 31 24,473.9 20,969.3 891.4 571.2
Money market instruments 31 5,018.0 4,349.2 1,568.8 859.2
29,491.9 25,318.5 2,460.2 1,430.4

GENTING BERHAD | ANNUAL REPORT 2017

 STATEMENTS OF CASH FLOWS (cont’d) 97
for the Financial Year Ended 31 December 2017
NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS

(a) Acquisition of Subsidiaries

Fair value of net assets acquired and net cash outflow on acquisition of subsidiaries in the current financial year by Genting
Plantations Berhad (“Genting Plantations”) Group, which is 51.6% owned by the Company, are analysed as follows:

2017
As at the date of
acquisition

Property, plant and equipment (626.7)

Leasehold land use rights (163.3)
Inventories (9.2)
Trade and other receivables (46.3)
Cash and bank balances (10.2)
Trade and other payables 153.4
Borrowings 188.8
Deferred tax liabilities 122.3
Non-controlling interest (10.6)
Total purchase consideration/Fair value of identifiable net assets acquired (401.8)
Less: Cash and bank balances acquired 10.2
Add: Liabilities assumed (139.5)
Net cash outflow on acquisition of subsidiaries (531.1)

This acquisition relates to Genting Plantations Group’s acquisition of 100% equity interest in Knowledge One Investment
Pte Ltd as disclosed in Note 43(c). The purchase price allocation of the acquisition was provisional as at 31 December 2017
and Genting Plantations Group expects to complete the final purchase price allocation exercise within the twelve-month
window period from the acquisition date.

The revenue and net loss of the above acquired subsidiaries included in the consolidated income statement of the Group
for the period from the date of acquisition to 31 December 2017 amounted to RM15.7 million and RM0.6 million respectively.
Had the acquisition taken effect on 1 January 2017, the revenue and net profit of the above acquired subsidiaries included
in the consolidated income statement of the Group would be RM73.6 million and RM1.5 million respectively. These amounts
have been determined using the Group’s accounting policies.

(b) Reconciliation of liabilities arising from financing activities

Group Long term Short term Interest

2017 borrowings borrowings payable Total
Beginning of the financial year (15,745.0) (2,219.6) (79.3) (18,043.9)
Cash flows (11,230.0) 1,427.9 950.0 (8,852.1)
Non-cash changes
Finance cost (40.6) (36.4) (1,098.2) (1,175.2)
Borrowings of subsidiaries acquired (35.5) (153.3) - (188.8)
Acquisitions – finance leases (4.9) (1.9) - (6.8)
Reclassification 1,098.4 (1,098.4) 0.4 0.4
Foreign exchange movement 1,007.4 62.6 17.1 1,087.1
End of financial year (24,950.2) (2,019.1) (210.0) (27,179.3)

Amount
Company due to
2017 subsidiaries
Beginning of the financial year 3,592.5
Cash flows (179.9)
Non-cash changes
Finance cost 180.2
End of financial year 3,592.8

ANNUAL REPORT 2017 | GENTING BERHAD

98 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
Amounts in RM million unless otherwise stated
1. CORPORATE INFORMATION
Genting Berhad (“the Company”) is a public limited liability
company incorporated and domiciled in Malaysia, and is
listed on the Main Market of Bursa Malaysia Securities
Berhad. The registered office of the Company is 24th Floor,
Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur.
The Company is principally an investment holding and
management company.
The principal activities of the Group include leisure
and hospitality, gaming and entertainment businesses,
development and operation of integrated resort, plantation,
the generation and supply of electric power, property
development and management, tours and travel related
services, investments, life sciences and biotechnology
activities and oil and gas exploration, development and
production activities.
Details of the principal activities of the subsidiaries, joint
ventures and associates are set out in Note 45 to the financial
statements.
There have been no other significant changes in the nature
of the activities of the Group and of the Company during the
financial year.
2. BASIS OF PREPARATION
The financial statements of the Group and the Company have
been prepared in accordance with and comply with Financial
Reporting Standards (“FRS”), the Malaysian Accounting
Standards Board (“MASB”) Approved Accounting Standards
in Malaysia for Entities Other Than Private Entities and the
requirements of the Companies Act 2016 in Malaysia.
On 8 September 2015, MASB announced that in light of the
International Accounting Standards Board’s deferral of IFRS
15 “Revenue from Contracts with Customers”, the effective
date for the Transitioning Entities to apply the Malaysian
Financial Reporting Standards (“MFRS”) Framework will also
be deferred to 1 January 2018.
The Group falls within the scope definition of Transitioning
Entities and accordingly, will adopt the MFRS Framework
from the financial year beginning on 1 January 2018. In
presenting its first MFRS financial statements, the Group will
be required to restate the comparative financial statements
to amounts reflecting the application of MFRS Framework.
Adjustments required on transition, if any, will be made
retrospectively against opening retained earnings in
accordance with MFRS 1 “First-time adoption of MFRS”.
Based on the assessment performed, transitional
adjustments required in accordance with MFRS 1 upon
transitioning to the MFRS Framework will not have any
material impact on the Group’s financial position, financial
performance and cash flows.
GENTING BERHAD | ANNUAL REPORT 2017
The financial statements have been prepared on a historical
cost basis, except as disclosed in the significant accounting
policies below.
The preparation of financial statements in conformity with
FRS requires the Directors to make judgements, estimations
and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during
the reported financial year. It also requires Directors to
exercise their judgements in the process of applying the
Group’s accounting policies. Although these judgements
and estimations are based on Directors’ best knowledge of
current events and actions, actual results could differ from
those judgements and estimations.
(a) Judgements and estimations
In the process of applying the Group’s accounting policies,
management makes judgements and estimations that
can significantly affect the amount recognised in the
financial statements. These judgements and estimations
include:
(i) Exploration costs
Exploration cost is accounted for in accordance with
the successful efforts method. Under this method,
all costs relating to exploration activities, except
for geological and geophysical costs and office
administration costs, are capitalised when incurred.
Exploration cost is written down to its recoverable
amount when:
- it is determined that further exploration
activities will not yield commercial quantities
of reserves, no further exploration drilling is
planned, and there is no existing production in
the block or field; or
- the petroleum contract has expired or is
surrendered.
In making decisions about whether to continue to
capitalise exploration drilling costs, it is necessary
to make judgements about the satisfaction of the
above conditions after technical, commercial and
management reviews. The Group is committed to
continue exploring and developing these interests.
The Group tests exploration costs for any indicators
of impairment or when facts and circumstances
suggest that the carrying amount of exploration
cost may exceed its recoverable amount. The key
assumptions and judgement used in the assessment
are set out in Note 21.
 NOTES TO THE FINANCIAL STATEMENTS
2. BASIS OF PREPARATION (cont’d)
(a) Judgements and estimations (cont’d)
(ii) Intangible assets
The Group tests goodwill and intangible assets with
indefinite useful life for impairment annually or
whenever events indicate that the carrying amount
may not be recoverable. The calculations require the
use of estimates as set out in Note 20.
(iii) Impairment of trade receivables
Management reviews its trade receivables for
objective evidence of impairment. Adverse changes
in background reputation and financial capability
of the debtor, and default or significant delay
in payments are considered objective evidence
that a receivable is impaired. In determining this,
management makes judgement as to whether there
is observable data indicating that there has been
a significant change in the payment ability of the
debtor.
Where there is objective evidence of impairment,
management uses estimates based on credit-
worthiness of the debtors, past repayment history
for each debtor and historical loss experience for
debtors with similar credit risk characteristics
to determine the amount to be impaired. The
methodology and assumptions used are reviewed
regularly to reduce any differences between the
estimated loss and actual loss experience.
Impairment of promissory notes issued by
(iv) from financing activities. The additional disclosure is
Mashpee Wampanoag Tribe (“the Tribe”)
The Group tests promissory notes issued by the Tribe
for impairment if there is any objective evidence
of impairment in accordance with its accounting
policy. The impairment assessment is judgemental
as disclosed in Note 27.
(v) Impairment and valuation of available-for-sale
financial assets
The Group measures its unquoted available-for-sale
financial assets at fair value. The fair values of certain
unquoted equity investments are determined based
on valuation techniques which involve the use of
estimates as disclosed in Note 26. In addition, the
measurement basis for available-for-sale financial
assets within Level 3 of the fair value hierarchy are
disclosed in Note 4(c).
(vi) Useful lives of property, plant and equipment
The Group conducts a regular review of the
estimated useful lives of its assets in line with its
business operations. This has resulted in a reduction
in the depreciation expense by RM91.2 million
during the current financial year.
(cont’d) 99
31 December 2017
(vii) Taxation
The Group is subject to income taxes in numerous
jurisdictions in which the Group operates. Significant
judgement is required in determining the provision
for income taxes that includes the estimate of the
amount of capital allowances for items within the
leasehold improvements and fixtures and fittings
asset categories and the deductibility of certain
expenses.
Where the final tax outcome of tax liabilities is
different from the amounts that were initially
recorded, such differences will impact the income
tax liabilities and deferred tax assets and liabilities,
where applicable, in the period in which such
determination is made.
(b) Standards, amendments to published standards and
interpretations that are effective
The Group and the Company have applied the following
amendments for the first time for the financial year
beginning on 1 January 2017:
- Amendments to FRS 107 “Statement of Cash Flows
– Disclosure Initiative”
- Amendments to FRS 112 “Income Taxes –
Recognition of Deferred Tax Assets for Unrealised
Losses”
- Annual Improvements to FRSs 2014-2016 Cycle:
FRS12 “Disclosure of Interests in Other Entities”
The adoption of the Amendments to FRS 107 has required
additional disclosure of changes in liabilities arising
disclosed in notes to the Statements of Cash Flows.
Other than that, the adoption of these amendments did
not have any significant impact on the current or prior
year and are not likely to affect future periods.
(c) Standards and amendments that have been issued
but not yet effective
A number of new standards and amendments to
standards and interpretations are effective for financial
years beginning on or after 1 January 2018. None of
these is expected to have a significant effect on the
Group and the Company, except for the following as set
out below:
- Amendments to MFRS 140 “Classification on Change
in Use” – Assets transferred to, or from, Investment
Properties (effective from 1 January 2018)* clarify
that to transfer to, or from investment properties
there must be a change in use. A change in use
would involve an assessment of whether a property
meets, or has ceased to meet, the definition of
investment property. The change must be supported
by evidence that the change in use has occurred and
a change in management’s intention in isolation is
not sufficient to support a transfer of property.
The amendments also clarify the same principle
applies to assets under construction. The Group will
apply this amendment on or after 1 January 2018.
ANNUAL REPORT 2017 | GENTING BERHAD
100 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
2. BASIS OF PREPARATION (cont’d)
(c) Standards and amendments that have been issued
but not yet effective (cont’d)
- IC Interpretation 22 “Foreign Currency Transactions
and Advance Consideration” (effective from 1
January 2018)* applies when an entity recognises
a non-monetary asset or non-monetary liability
arising from the payment or receipt of advance
consideration. MFRS 121 requires an entity to use
the exchange rate at the ‘date of the transaction’ to
record foreign currency transactions.
IC Interpretation 22 provides guidance on how to
determine ‘the date of transaction’ when a single
payment/receipt is made, as well as in situations
where multiple payments/receipts are made.
The date of transaction is the date when the payment
or receipt of advance consideration gives rise to the
non-monetary asset or non-monetary liability when
the entity is no longer exposed to foreign exchange
risk.
If there are multiple payments or receipts in
advance, the entity should determine the date of
the transaction for each payment or receipt.
The Group will apply IC Interpretation 22
prospectively.
- MFRS 9 “Financial Instruments” (effective from 1
January 2018)* will replace MFRS 139 “Financial
Instruments: Recognition and Measurement”.
MFRS 9 retains but simplifies the mixed
measurement model in MFRS 139 and establishes
three primary measurement categories for financial
assets: amortised cost, fair value through profit or
loss and fair value through other comprehensive
income (“OCI”). The basis of classification depends
on the entity’s business model and the cash flow
characteristics of the financial asset. Investments in
equity instruments are always measured at fair value
through profit or loss with an irrevocable option at
inception to present changes in fair value in OCI
(provided the instrument is not held for trading). A
debt instrument is measured at amortised cost only
if the entity is holding it to collect contractual cash
flows and the cash flows represent principal and
interest.
For liabilities, the standard retains most of the
MFRS 139 requirements. These include amortised
cost accounting for most financial liabilities, with
bifurcation of embedded derivatives. The main
change is that, in cases where the fair value option is
taken for financial liabilities, the part of a fair value
change due to an entity’s own credit risk is recorded
in OCI rather than the income statement, unless this
creates an accounting mismatch.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
MFRS 9 introduces an expected credit loss model on
impairment for all financial assets that replaces the
incurred loss impairment model used in MFRS 139.
The expected credit loss model is forward-looking
and eliminates the need for a trigger event to have
occurred before credit losses are recognised.
The Group has reviewed its financial assets and
liabilities and envisage the following impact from
the adoption of the new standard on 1 January 2018:
Classification and measurement
The majority of the Group’s financial instruments
currently classified as available-for-sale will
satisfy the conditions for classification as financial
assets at fair value through other comprehensive
income (“FVOCI”). Fair value changes on equity
investments at FVOCI are presented in OCI and are
not subsequently transferred to profit or loss. Upon
sale of equity investments at FVOCI, the cumulative
gain or loss in OCI is reclassified to retained
earnings. Certain available-for-sale investments
in debt instruments and income funds that do not
meet the criteria for classification either as FVOCI
or amortised cost will have to be reclassified to
financial assets at fair value through profit or loss
(“FVTPL”). Related fair value gains or losses will
have to be transferred from fair value reserve to
retained earnings on 1 January 2018.
The other financial assets held by the Group include:
- equity investments currently measured at
FVTPL which will continue to be measured on
the same basis under MFRS 9; and
- debt instruments currently accounted for at
amortised cost which meet the conditions for
classification as amortised cost under MFRS 9.
There will be no impact on the Group’s accounting
for financial liabilities, as the new requirements only
affect the accounting for financial liabilities that are
designated at fair value through profit or loss and
the Group does not have any such liabilities.
Impairment
The new impairment model requires the recognition
of impairment provisions based on expected credit
losses rather than only incurred credit losses as
is the case under MFRS 139. It applies to financial
assets classified at amortised cost, debt instruments
measured at FVOCI, contract assets under MFRS 15
“Revenue from Contracts with Customers”, lease
receivables, loan commitments and certain financial
guarantee contracts. Based on the assessments
undertaken to date, the Group does not expect any
significant impact arising from adopting this model
under MFRS 9.
 NOTES TO THE FINANCIAL STATEMENTS
2. BASIS OF PREPARATION (cont’d)
(c) Standards and amendments that have been issued
but not yet effective (cont’d)
Hedge Accounting
The new hedge accounting rules will align the
accounting for hedging instruments more closely
with the Group’s risk management practices. As
a general rule, more hedge relationships might
be eligible for hedge accounting, as the standard
introduces a more principles-based approach. The
Group expects that all its existing hedges that are
designated in effective hedging relationships will
continue to qualify for hedge accounting under
MFRS 9.
MFRS 9 also introduces expanded disclosure
requirements and changes in presentation. These
are expected to change the nature and extent of the
Group’s disclosures about its financial instruments
particularly in the year of adoption of the new
standard.
The Group will apply the new rules retrospectively
from 1 January 2018, with the practical expedients
permitted under the standard and that comparatives
will not be restated.
- MFRS 15 “Revenue from Contracts with Customers”
(effective from 1 January 2018)* replaces MFRS
118 “Revenue”, MFRS 111 “Construction Contracts”
and related interpretations. The core principle in
MFRS 15 is that an entity recognises revenue to
depict the transfer of promised goods or services
to the customer in an amount that reflects the
consideration to which the entity expects to be
entitled in exchange for those goods or services.
Revenue is recognised when a customer obtains
control of goods or services, i.e. when the customer
has the ability to direct the use of and obtain the
benefits from the goods or services. Revenue is
recognised in accordance with that core principle by
applying a 5-step model:
(i) Identify contracts with customers;
(ii) Identify the separate performance obligations;
(iii) Determine the transaction price of the contract;
(iv) Allocate the transaction price of each of the
separate performance obligations; and
(v) Recognise the revenue as each performance
obligation is satisfied.
Key provisions of the new standard are as follows:
(i) Any bundled goods or services that are
distinct must be separately recognised, and
any discounts or rebates on the contract price
must generally be allocated to the separate
elements.
(cont’d) 101
31 December 2017
(ii) If the consideration varies (such as for
incentives, rebates, performance fees, royalties,
success of an outcome, etc.), minimum amounts
of revenue must be recognised if they are not at
significant risk of reversal.
(iii) The point at which revenue is able to be
recognised may shift: some revenue which is
currently recognised at a point in time at the
end of a contract may have to be recognised
over the contract term and vice versa.
(iv) There are new specific rules on licences,
warranties, non-refundable upfront fees, and
consignment arrangements.
(v) As with any new standard, there are also
increased disclosures.
The Group has conducted the analysis on the
different types of existing contracts with customers.
The application of MFRS 15 is not expected to have
a material impact on the Group’s revenue based
on current scope, and will have no impact on the
cash flows. However, the Group anticipates more
extensive disclosures will be required from the year
of adoption in view of the requirements of MFRS 15
to provide information about the nature, amount,
timing and uncertainty of revenue and cash flows
arising from contracts with customers.
The Group will adopt the standard using the full
retrospective approach from 1 January 2018, with
the practical expedients permitted under the
standard.
- Amendments to MFRS 116 “Property, Plant and
Equipment” and MFRS 141 “Agriculture” (effective
from 1 January 2018)* introduce a new category
of biological assets i.e. the bearer plants. A bearer
plant is a living plant that is used in the production
and supply of agricultural produce, is expected to
bear produce for more than one period, and has
a remote likelihood of being sold as agricultural
produce (except for incidental scrap sales). Bearer
plants are accounted for under MFRS 116 “Property,
Plant and Equipment” as an item of property, plant
and equipment. Agricultural produce growing on
bearer plants continue to be measured at fair value
less costs to sell under MFRS 141, with fair value
changes recognised in profit or loss as the produce
grows.
During the financial year, the Group has changed its
accounting policy for its bearer plants (i.e. oil palm
trees) to be in accordance with the principles of
Amendments to MFRS 116 and MFRS 141 (see Note
2(d)).
ANNUAL REPORT 2017 | GENTING BERHAD
102 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
2. BASIS OF PREPARATION (cont’d)
(c) Standards and amendments that have been issued
but not yet effective (cont’d)
The agriculture produce of the Group comprises
fresh fruit bunches (“FFB”) prior to harvest.
Management has deliberated on the oil content of
unripe FFB and concluded that since the oil content
of unharvested FFB accrues exponentially up to 15
days prior to harvest, such unharvested FFB more
than 15 days are excluded from the valuation as their
fair values are considered negligible. The fair value
of unharvested FFB is computed based on market
approach which takes into consideration the market
prices of such unharvested FFB less harvesting,
transport and other costs to sell.
In view of the change in accounting policy for
bearer plants and the assessment of fair value of
FFB above, the adoption of this new standard is not
expected to be material to the Group in the year of
initial application.
- MFRS 16 “Leases” (effective from 1 January 2019)
supersedes MFRS 117 “Leases” and the related
interpretations.
Under MFRS 16, a lease is a contract (or part of a
contract) that conveys the right to control the use of
an identified asset for a period of time in exchange
for consideration.
MFRS 16 eliminates the classification of leases
by the lessee as either finance leases (on balance
sheet) or operating leases (off balance sheet). MFRS
16 requires a lessee to recognise a “right-of-use” of
the underlying asset and a lease liability reflecting
future lease payments for most leases.
The right-of-use asset is depreciated in accordance
with the principle in MFRS 116 “Property, Plant and
Equipment” and the lease liability is accreted over
time with interest expense recognised in the income
statement.
For lessors, MFRS 16 retains most of the requirements
in MFRS 117. Lessors continue to classify all leases
as either operating leases or finance leases and
account for them differently. The Group is in the
process of making an assessment of the potential
impact of this standard on the financial statements.
- IC Interpretation 23 “Uncertainty over Income Tax
Treatments” (effective 1 January 2019) provides
guidance on how to recognise and measure deferred
and current income tax assets and liabilities where
there is uncertainty over a tax treatment.
If an entity concludes that it is not probable that the
tax treatment will be accepted by the tax authority,
the effect of the tax uncertainty should be included
in the period when such determination is made. An
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
entity shall measure the effect of uncertainty using
the method which best predicts the resolution of the
uncertainty.
IC Interpretation 23 will be applied retrospectively.
The Group is in the process of making an assessment
of the potential impact of this standard on the
financial statements.
* These standards are to be adopted in conjunction
with the adoption of MFRS Framework.
(d) Change in accounting policies
(i) Change in accounting policy for oil palm bearer
plant
During the financial year, the Group changed its
accounting policy for bearer plants to be aligned
with the underlying principle in the revised
standard, Agriculture: Bearer Plants (Amendments
to MFRS 116 “Property, Plant and Equipment” and
MFRS 141 “Agriculture”) issued under the MFRS
Framework. A bearer plant is a living plant that
is used in the production or supply of agricultural
produce, is expected to bear produce for more than
one period and has a remote likelihood of being sold
as agricultural produce, except for incidental scrap
sales.
Prior to the change in accounting policy, the Group
adopted the capital maintenance model on its
bearer plants (i.e. oil palm trees) where all new
planting expenditure (also termed as plantation
development expenditure) incurred from the
stage of land clearing up to the stage of maturity
was capitalised and not depreciated. Replanting
expenditure was charged to profit or loss in the
financial year in which the expenditure was incurred.
Under the revised accounting policy, bearer
plants are classified as property, plant and
equipment and are accounted for in the same way
as self-constructed items of property, plant and
equipment. Plantation development and replanting
expenditures are capitalised at cost and depreciated
on a straight-line basis over its useful life of 22 years
from the date of maturity. The bearer plants are
subsequently measured at cost less accumulated
depreciation and accumulated impairment loss, if
any.
The change in accounting policy has been applied
retrospectively and comparatives have been
restated. The change has resulted in additional
depreciation charges to profit or loss in the current
and previous financial years. Replanting expenditure
charged to profit or loss in previous years as other
expenses has been reversed and capitalised under
property, plant and equipment. The corresponding
tax impact has been accounted for.
 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 103
31 December 2017

2. BASIS OF PREPARATION (cont’d)

(d) Change in accounting policies (cont’d)

(i) Change in accounting policy for oil palm bearer plant (cont’d)

Plantation development expenditure has been reclassified to property, plant and equipment on the statements of
financial position.

Cash flows from replanting expenditure which were previously classified as part of operating activities are classified as
part of investing activities in the statements of cash flows under the new accounting policy.

(ii) Change in accounting policy for exploration cost

During the financial year, the Group changed its accounting policy for oil and gas exploration costs from its existing full
cost method to the successful efforts method of accounting. Paragraph 13 of FRS 106 “Exploration for and Evaluation
of Mineral Resources” allows an entity to change its accounting policy for exploration and evaluation costs if the
change makes the financial statements more relevant to the economic decision-making needs of users and no less
reliable, or more reliable and no less relevant to those needs. Although the full cost method of accounting for oil and
gas exploration activities continues to be an accepted alternative, the successful efforts method of accounting is more
widely used in the industry such that the change improves comparability of the Group’s financial statements with its
peers. The Group believes the successful efforts method provides a more representational depiction of assets and
operating results.

Under the full cost method, all costs (except for office administration costs) relating to oil and gas exploration and
evaluation activities are capitalised whilst under the successful efforts method, all costs associated with exploration
and evaluation activities except for geological and geophysical costs and office administration costs are capitalised. If
no proved reserves are found, the associated costs are charged to expense at the time the determination is made.

The effects of the change in accounting policies have been applied retrospectively and the impact on the current year
and comparative figures are as follows:

Adjustments
As per Oil palm
previous bearer Exploration As
policy plants costs presented
Income Statement

Group
Financial year ended 31 December 2017
Cost of sales (12,657.0) (84.8) - (12,741.8)
Other expenses - others (1,136.0) 29.2 68.6 (1,038.2)
Profit before taxation 4,299.2 (55.6) 68.6 4,312.2
Taxation (1,069.8) 0.4 - (1,069.4)
Profit for the financial year 3,229.4 (55.2) 68.6 3,242.8
Profit attributable to:
Equity holders of the Company 1,403.1 (23.0) 65.2 1,445.3
Non-controlling interests 1,569.8 (32.2) 3.4 1,541.0
Earnings per share (sen):
- Basic 37.17 (0.61) 1.72 38.28
- Diluted 36.52 (0.60) 1.70 37.62

Statement of Comprehensive Income

Group
Financial year ended 31 December 2017
Net foreign currency translation differences (2,457.6) 1.8 50.1 (2,405.7)
Total comprehensive income for the financial year 642.2 (53.4) 118.7 707.5
Total comprehensive income attributable to:
Equity holders of the Company (324.8) (21.4) 112.8 (233.4)
Non-controlling interests 852.4 (32.0) 5.9 826.3

ANNUAL REPORT 2017 | GENTING BERHAD

104 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

2. BASIS OF PREPARATION (cont’d)

(d) Change in accounting policies (cont’d)

Adjustments
As per Oil palm
previous bearer Exploration As
reported plants costs restated
Income Statement
Group
Financial year ended 31 December 2016
Cost of sales (12,463.3) (79.8) - (12,543.1)
Other expenses - others (555.3) 22.0 (5.5) (538.8)
Profit before taxation 5,522.8 (57.8) (5.5) 5,459.5
Taxation (991.4) 9.7 - (981.7)
Profit for the financial year 4,531.4 (48.1) (5.5) 4,477.8
Profit attributable to:
Equity holders of the Company 2,146.5 (20.7) (5.2) 2,120.6
Non-controlling interests 2,019.1 (27.4) (0.3) 1,991.4
Earnings per share (sen):
- Basic 57.69 (0.55) (0.14) 57.00
- Diluted 57.33 (0.56) (0.14) 56.63
Statement of Comprehensive Income
Group
Financial year ended 31 December 2016
Net foreign currency translation differences 163.3 (9.1) (22.7) 131.5
Total comprehensive income for the financial year 3,609.7 (57.2) (28.2) 3,524.3
Total comprehensive income attributable to:
Equity holders of the Company 1,841.4 (25.1) (26.7) 1,789.6
Non-controlling interests 1,329.1 (32.1) (1.5) 1,295.5

Adjustments
As per Oil palm
previous bearer Exploration As
policy plants costs presented
Statement of Financial Position

Group
As at 31 December 2017
Non-Current Assets
Property, plant and equipment 33,696.9 2,531.9 - 36,228.8
Plantation development 2,983.4 (2,983.4) - -
Rights of use of oil and gas assets 4,094.6 - (486.5) 3,608.1
Non-Current Liabilities
Deferred tax liabilities 2,159.7 45.7 - 2,205.4
Equity
Reserves 32,309.1 (654.7) (462.2) 31,192.2
Non- controlling interests 23,186.0 157.5 (24.3) 23,319.2

Adjustments
As per Oil palm
previous bearer Exploration As
reported plants costs restated
Group
As at 31 December 2016
Non-Current Assets
Property, plant and equipment 32,667.6 2,116.0 - 34,783.6
Plantation development 2,513.6 (2,513.6) - -
Rights of use of oil and gas assets 4,674.9 - (605.2) 4,069.7
Non-Current Liabilities
Deferred tax liabilities 2,025.0 46.2 - 2,071.2
Equity
Reserves 34,650.2 (220.0) (575.0) 33,855.2
Non- controlling interests 23,804.4 (223.8) (30.2) 23,550.4
GENTING BERHAD | ANNUAL REPORT 2017
 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 105
31 December 2017

2. BASIS OF PREPARATION (cont’d)

(d) Change in accounting policies (cont’d)

Adjustments
As per Oil palm
previous bearer Exploration As
reported plants costs restated
Statement of Financial Position

Group
As at 1 January 2016
Non-Current Assets
Property, plant and equipment 31,139.4 1,824.1 - 32,963.5
Plantation development 2,154.9 (2,154.9) - -
Rights of use of oil and gas assets 4,458.2 - (577.0) 3,881.2
Non-Current Liabilities
Deferred tax liabilities 1,891.8 55.9 - 1,947.7
Equity
Reserves 32,463.1 (197.9) (548.2) 31,717.0
Non-controlling interests 23,101.8 (188.8) (28.8) 22,884.2

Adjustments
As per Oil palm
previous bearer Exploration As
policy plants costs presented
Statement of Cash Flows

Group
Financial year ended 31 December 2017
Cash flows from operating activities
Profit before taxation 4,299.2 (55.6) 68.6 4,312.2
Depreciation and amortisation 2,042.2 84.8 - 2,127.0
PPE written off 56.7 0.3 - 57.0
Other non-cash items 116.8 - (75.0) 41.8
Cash flows from investing activities
Purchase of PPE (3,247.6) (152.3) - (3,399.9)
Plantation development expenditure (122.8) 122.8 - -
Payment for rights of use of oil and gas assets (33.9) - 3.7 (30.2)
Effect of currency translation (1,367.1) - 2.7 (1,364.4)

Adjustments
As per Oil palm
previous bearer Exploration As
reported plants costs restated
Statement of Cash Flows

Group
Financial year ended 31 December 2016
Cash flows from operating activities
Profit before taxation 5,522.8 (57.8) (5.5) 5,459.5
Depreciation and amortisation 1,923.3 79.8 - 2,003.1
PPE written off 39.6 1.4 - 41.0
Cash flows from investing activities
Purchase of PPE (3,782.4) (172.7) - (3,955.1)
Plantation development expenditure (149.3) 149.3 - -
Payment for rights of use of oil and gas assets (138.5) - 5.9 (132.6)
Effect of currency translation 462.9 - (0.4) 462.5

ANNUAL REPORT 2017 | GENTING BERHAD

106 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation
(a) Subsidiaries
Subsidiaries are all entities (including special purpose
entities) over which the Group has control. The Group
controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with
the entity and has the ability to affect those returns
through its power to direct the relevant activities of the
entity. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for
business combinations. The consideration transferred
for the acquisition of a subsidiary is the fair values of the
assets transferred, the liabilities incurred to the former
owners of the acquiree and the equity interests issued
by the Group. The consideration transferred includes
the fair value of any asset or liability resulting from a
contingent consideration arrangement and fair value
of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and
contingent liabilities assumed in business combination
are, with limited exceptions, measured initially at their
fair values at the acquisition date. The Group recognises
any non-controlling interest in the acquiree on an
acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest’s proportionate share of
the recognised amounts of acquiree’s identifiable net
assets.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the
carrying value of the acquirer’s previously held equity
interest in the acquiree is remeasured to fair value at the
acquisition date and any corresponding gain or loss is
recognised in the profit or loss.
Any contingent consideration to be transferred by the
Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent
consideration that is deemed to be an asset or liability is
recognised in accordance with FRS 139 in profit or loss.
Contingent consideration that is classified as equity
is not remeasured, and its subsequent settlement is
accounted for within equity.
Goodwill is initially measured as the excess of the
aggregate of the consideration transferred, the amount
of any non-controlling interest and the fair value of
any previous equity interest in the acquiree at the
acquisition date over the fair value of the net identifiable
assets acquired and liabilities assumed. If the total
consideration transferred, non-controlling interest
recognised and previously held interest measured is less
than the fair value of the net assets of the subsidiary
acquired, the difference is recognised directly in the
profit or loss as a gain on bargain purchase.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
Inter-company transactions, balances, income and
expenses on transactions between group companies
are eliminated. Profits or losses resulting from inter-
company transactions that are recognised in assets are
also eliminated. Where necessary, accounting policies for
subsidiaries have been changed to ensure consistency
with the policies adopted by the Group.
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the consolidated
income statements, statements of comprehensive
income, statements of changes in equity and statements
of financial position respectively.
(b) Changes in ownership interests in subsidiaries without
change of control
Transactions with non-controlling interests that do
not result in loss of control are accounted for as equity
transactions – that is, as transactions with the owners
in their capacity as owners of the Group. A change in
ownership interest results in an adjustment between
the carrying amounts of the controlling and non-
controlling interests to reflect their relative interests
in the subsidiary. The difference between fair value of
any consideration paid and the relevant share acquired
of the carrying value of net assets of the subsidiary is
recorded in equity. Gains or losses on disposals to non-
controlling interests are also recorded in equity.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained
interest in the entity is re-measured to its fair value at
the date when control is lost, with the change in carrying
amount recognised in profit or loss. The fair value is the
initial carrying amount for the purposes of subsequently
accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts
previously recognised in OCI in respect of that entity are
accounted for as if the Group had directly disposed of
the related assets or liabilities. This means that amounts
previously recognised in OCI are reclassified to the profit
or loss. Gains or losses on the disposal of subsidiaries
include the carrying amount of goodwill relating to the
subsidiaries sold.
(d) Joint arrangements
A joint arrangement is an arrangement of which there
is contractually agreed sharing of control by the Group
with one or more parties, where decisions about the
relevant activities relating to the joint arrangement
require unanimous consent of the parties sharing
control. The classification of a joint arrangement as
a joint operation or a joint venture depends upon the
rights and obligations of the parties to the arrangement.
A joint venture is a joint arrangement whereby the
joint venturers have rights to the net assets of the
arrangement.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Basis of Consolidation (cont’d)
(d) Joint arrangements (cont’d)
A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangements have
rights to the assets and obligations for the liabilities,
relating to the arrangement. Joint control is based
on the contractually agreed sharing of control of an
arrangement, and decisions of relevant activities would
require the unanimous consent of the parties sharing
control. The Group accounts for each of the assets,
liabilities, revenue and expenses relating to its interest
in a joint operation in accordance with its contractually
conferred rights and obligations. These have been
incorporated in the financial statements under the
appropriate headings.
The Group’s interests in joint ventures are accounted for
in the consolidated financial statements by the equity
method of accounting. Equity accounting involves
recognising the Group’s share of the post acquisition
results of joint ventures in the profit or loss and its
share of post acquisition movements within reserves
in OCI. The cumulative post acquisition movements are
adjusted against the cost of the investment and include
goodwill on acquisition less impairment losses, where
applicable. See accounting policy note on impairment of
non-financial assets.
The Group recognises the portion of gains or losses on
the sale of assets by the Group to the joint venture that
is attributable to the other parties in the ventures. The
Group does not recognise its share of profits or losses
from the joint venture until it resells the assets to an
independent party. However, if a loss on the transaction
provides evidence of a reduction in the net realisable
value of current assets or an impairment loss, the loss is
recognised immediately.
Equity accounting is discontinued when the carrying
amount of the investment in joint ventures (including
any other unsecured receivables) reaches zero, unless
the Group has incurred obligation or made payment on
behalf of the joint venture.
Where necessary, in applying the equity method,
adjustments have been made to the financial statements
of joint ventures to ensure consistency of accounting
policies with those of the Group.
When the Group ceases to equity account its joint
venture because of a loss of joint control, any retained
interest in the entity is remeasured to its fair value with
the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount
for the purposes of subsequently accounting for the
retained interest as an associate or financial asset. In
addition, any amount previously recognised in OCI in
respect of the entity is accounted for as if the Group had
directly disposed of the related assets or liabilities. This
may mean that amounts previously recognised in OCI
are reclassified to profit or loss.
(cont’d) 107
31 December 2017
If the ownership interest in a joint venture is reduced but
joint control is retained, only a proportionate share of
the amounts previously recognised in OCI is reclassified
to profit or loss where appropriate.
(e) Associates
Associates are companies in which the Group has
significant influence. Significant influence is the power
to participate in the financial and operating policy
decisions of the associates but not control over those
policies.
Investments in associates are accounted for by the
equity method of accounting and are initially recognised
at cost. Equity accounting involves recognising in profit
or loss the Group’s share of the associates’ results and
its share of post-acquisition movements in reserves
is recognised in OCI with a corresponding adjustment
to the carrying amount of the investment. Dividends
received or receivable from an associate are recognised
as a reduction in the carrying amount of the investment.
Equity accounting is discontinued when the carrying
amount of the investment in an associate (including
any other unsecured receivables) reaches zero, unless
the Group has incurred obligation or made payment on
behalf of the associate.
The Group’s investment in associates includes goodwill
(net of any accumulated impairment loss) identified on
acquisition. See impairment policy note on impairment
of non-financial assets.
Unrealised gains on transactions between the Group and
its associates are eliminated to the extent of the Group’s
interest in the associates. Unrealised losses are also
eliminated unless the transaction provides evidence of
impairment on the assets transferred.
Dilution gains and losses arising in investments in
associates are recognised in the profit or loss.
When the Group increases its stake in an existing
investment and the investment becomes an associate
for the first time, the cost of an associate acquired
in stages is measured as the sum of the fair value of
the interest previously held plus the fair value of any
additional consideration transferred as of the date when
the investment became an associate. Any gain or loss on
re-measurement of the previously held stake is taken
to profit or loss and any other comprehensive income
recognised in prior periods in relation to the previously
held stake in the acquired associate is also recognised in
profit or loss. Any acquisition-related costs are expensed
in the periods in which the costs are incurred.
The cost of acquiring additional stake in an associate is
added to the carrying amount of the associate. This is the
deemed cost of the Group’s investment in the associate
for applying equity accounting. Goodwill arising on the
purchase of additional stake is computed using the fair
value information at the date the additional interest
is purchased. The previously held interest is not re-
measured.
ANNUAL REPORT 2017 | GENTING BERHAD
108 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Basis of Consolidation (cont’d)
(e) Associates (cont’d)
Where necessary, in applying the equity method,
adjustments have been made to the financial statements
of associates to ensure consistency of accounting
policies with those of the Group.
When the Group ceases significant influence,
investments in associates are derecognised. Any
retained equity interest in the entity is remeasured at its
fair value. The difference between the carrying amount
of the retained interest at the date when significant
influence is lost and its fair value is recognised in the
profit or loss.
Investment in Subsidiaries
In the Company’s separate financial statements, investments
in subsidiaries are shown at cost less accumulated
impairment losses. On disposal of investments in subsidiaries,
the difference between disposal proceeds and the carrying
amounts of the investments are recognised in the profit or
loss. Where an indication of impairment exists, the carrying
amount of the investment is assessed and written down
immediately to its recoverable amount. See accounting
policy on impairment of non-financial assets.
The amounts due from subsidiaries of which the Company
does not expect repayment in the foreseeable future
are considered as part of the Company’s investments in
subsidiaries.
Property, Plant and Equipment
Property, plant and equipment are tangible items that:
(i) are held for use in the production or supply of goods or
services, or for administrative purposes; and
(ii) are expected to be used during more than one period.
Property, plant and equipment are stated at cost less
accumulated depreciation and accumulated impairment
losses except for certain properties which were revalued
before 1998. In accordance with the transitional provision
allowed by MASB upon first adoption of IAS 16 “Property,
Plant and Equipment”, the valuation of these assets have
not been updated, and they continue to be stated at their
existing carrying amounts less accumulated depreciation,
amortisation and impairment losses.
A bearer plant is a living plant that is used in the production
or supply of agricultural produce, is expected to bear produce
for more than one period and has a remote likelihood of
being sold as agricultural produce, except for incidental
scrap sales. Costs include plantation expenditure incurred
from the stage of land clearing up to the stage of maturity.
The bearer plants were previously termed as plantation
development expenditure.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
Cost of other property, plant and equipment includes
expenditure that is directly attributable to the acquisition of
the items. Cost also includes borrowing costs that are directly
attributable to the acquisition, construction or production of
a qualifying asset. See accounting policy on borrowings.
Subsequent costs are included in the asset’s carrying amount
or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can
be measured reliably. The carrying amount of the replaced
part is derecognised. All other repairs and maintenance are
charged to the profit or loss during the financial year that
they are incurred.
Freehold land is stated at cost and is not depreciated.
Leasehold lands are amortised equally over their respective
periods of lease. The depreciation of leasehold land is
capitalised as part of the cost of bearer plant from the stage
of land clearing up to the stage of maturity. Immature bearer
plants and other property, plant and equipment which are
under construction are not depreciated. Depreciation
commences when the bearer plants mature or when the
assets under construction are ready for their intended use.
The depreciable amount of an item of property, plant and
equipment is determined as the difference between the cost
less its residual value. The residual value is the estimated
amount that the Group expects to obtain from disposal of the
asset, after deducting the estimated cost of disposal, if the
asset was already of the age and in the condition expected at
the end of its useful lives.
Depreciation of other assets is calculated using the straight-
line method to allocate their cost or revalued amounts to
their residual values over their estimated useful lives, as
follows:
Years
Buildings and improvements 2 – 60
Plant, equipment and vehicles 2 – 50
Bearer plants 22
Leasehold lands 51 – 999
Aircrafts, sea vessels and improvements 2 – 25
The assets’ residual values and useful lives are reviewed
annually and revised if appropriate.
Where an indication of impairment exists, the carrying
amount of the asset is assessed and written down
immediately to its recoverable amount. See accounting policy
note on impairment of non-financial assets.
Gains or losses on disposals are determined by comparing
the net disposal proceeds with the carrying amounts and are
included in the profit or loss. On disposal of revalued assets,
amounts in the revaluation reserve relating to those assets are
transferred to retained earnings.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Investment Properties
Investment properties consist of investments in land and
buildings that are held for long-term rental yield and/or for
capital appreciation and are not occupied by the Group.
Investment in freehold land is stated at cost. Leasehold
land is amortised using the straight-line method over
the lease period. Other investment properties are stated
at cost less accumulated depreciation and impairment
losses. Investment properties under construction are not
depreciated. Depreciation for other investment properties
is calculated using the straight-line method to allocate their
cost over their estimated economic lives as follows:
Years
Leasehold land 51 – 97
Buildings and improvements 2 – 50
Subsequent expenditure is capitalised to the asset’s carrying
amount only when it is probable that future economic
benefits associated with the expenditure will flow to the
Group and the cost of the item can be measured reliably.
All other repairs and maintenance costs are expensed when
incurred. When part of an investment property is replaced,
the carrying amount of the replaced part is derecognised.
Where an indication of impairment exists, the carrying
amount of the asset is assessed and written down
immediately to its recoverable amount. See accounting
policy note on impairment of non-financial assets.
Investment property is derecognised either when it has been
disposed of or when the investment property is permanently
withdrawn from use and no future economic benefit is
expected from its retirement from use.
Gains or losses on disposals are determined by comparing
the net disposal proceeds with the carrying amount and are
included in the profit or loss.
Construction Contracts
Where the outcome of a construction contract can be
estimated reliably, contract revenue and contract costs are
recognised by reference to the stage of completion of the
contract activity at each reporting date (“percentage of
completion method”), as measured by the surveys of work
performed. Contract revenue is accumulated within service
concession receivables (under trade and other receivables).
Where the outcome cannot be estimated reliably, contract
revenue is recognised to the extent of contract costs
incurred that it is probable will be recoverable. Contract
costs are recognised as expenses in the period in which
they are incurred. When it is probable that total contract
costs will exceed total contract revenue, the expected loss is
recognised as an expense immediately.
The Group presents construction contract work-in-progress
as an asset when costs recognised to-date exceed billings
received or paid, and is shown as trade and other receivables
(cont’d) 109
31 December 2017
(within other non-current assets or trade and other
receivables). The Group presents construction contract
work-in-progress as a liability when billings received or paid
exceed costs recognised to-date.
Leasehold Land Use Rights
Leasehold land that normally has a finite economic life
and title which is not expected to pass to the lessee by the
end of the lease term is treated as an operating lease. The
payment made on entering into or acquiring a leasehold
land is accounted for as leasehold land use rights (referred
to as prepaid lease payments in FRS 117 “Leases”) and is
amortised over the lease term in accordance with the pattern
of benefits provided.
Property Development Activities
(a) Land Held for Property Development
Land held for property development consists of land
on which no significant development work has been
undertaken or where development activities are not
expected to be completed within the normal operating
cycle. Such land is classified as non-current asset and
is stated at cost less accumulated impairment losses, if
any.
Cost comprises cost of land and all related costs
incurred on activities necessary to prepare the land
for its intended use. Where the Group had previously
recorded the land at revalued amounts, it continues to
retain these amounts as its surrogate cost as allowed by
FRS 201 “Property Development Activities”. Where an
indication of impairment exists, the carrying amount of
the asset is assessed and written-down immediately to
its recoverable amount. See accounting policy note on
impairment of non-financial assets.
Land held for property development is transferred to
property development costs and included under current
assets when development activities have commenced
and where the development activities can be completed
within the normal operating cycle of 2 to 3 years.
(b) Property Development Costs and Revenue Recognition
Property development costs comprise costs associated
with the acquisition of land and all costs directly
attributable to development activities or costs that can
be allocated on a reasonable basis to these activities.
When the outcome of the development activity can be
estimated reliably, property development revenue and
expenses are recognised by using the percentage of
completion method in respect of sales where agreements
have been finalised. Under this method, profits are
recognised as the property development activity
progresses. The stage of completion is determined
based on proportion of property development costs
incurred for work performed up to the reporting date
over the estimated total property development cost to
completion.
ANNUAL REPORT 2017 | GENTING BERHAD
110 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Property Development Activities (cont’d)
(b) Property Development Costs and Revenue Recognition
(cont’d)
When the outcome of a development activity cannot be
reliably estimated, property development revenue is
recognised only to the extent of property development
costs incurred that is probable of recovery, and property
development costs on the development units sold are
recognised as an expense when incurred. Foreseeable
losses, if any, arising when it is probable that total
property development costs (including expected
defect liability expenditure) will exceed total property
development revenue, are recognised immediately in
the profit or loss.
Property development cost not recognised as an
expense is recognised as an asset and is stated at the
lower of cost and net realisable value. Upon completion
of development, the unsold completed development
properties are transferred to inventories.
Where revenue recognised in the profit or loss exceeds
billings to purchasers, the balance is shown as accrued
billings under trade and other receivables (within current
assets). Where billings to purchasers exceed revenue
recognised in the profit or loss, the balance is shown as
progress billings under trade and other payables (within
current liabilities).
Financial Assets
(a) Classification
The Group classifies its financial assets in the following
categories: at fair value through profit or loss, loans and
receivables and available-for-sale. The classification
depends on the nature of the asset and purpose for
which the asset was acquired. The Group determines the
classification of its financial assets at initial recognition.
(i) Financial assets at fair value through profit or loss
There are two subcategories: financial assets
held for trading and those designated as at fair
value through profit or loss on initial recognition.
A financial asset is classified as held for trading if
acquired principally for the purpose of selling in
the short term or if so designated by management.
Derivatives are also categorised as held for trading
unless they are designated as hedges. Assets in
this category are classified as current assets if they
are either held for trading or are expected to be
realised within 12 months after the reporting date;
otherwise, they are classified as non-current.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
(ii) Loans and receivables
Loans and receivables are non-derivative financial
assets with fixed or determinable payments
that are not quoted in an active market. They
are included in current assets, except for those
maturing more than 12 months after the reporting
date which are classified as non-current assets.
Loans and receivables are included in “trade and
other receivables”, “other non-current assets”,
“restricted cash”, “cash and cash equivalents” and
intercompany balances in the statement of financial
position (see accounting policy note on receivables).
(iii) Available-for-sale financial assets
Available-for-sale financial assets are non-
derivatives that are either designated in this
category or not classified in any of the other
categories. They are included in non-current assets
unless management intends to dispose of the assets
within 12 months after the reporting date.
(b) Recognition and measurement
Regular purchases and sales of financial assets are
recognised on the trade-date, the date on which the
Group commits to purchase or sell the asset. Investments
are initially recognised at fair value plus transaction
costs that are directly attributable to the acquisition of
the financial assets for all financial assets not carried at
fair value through profit or loss. Financial assets carried
at fair value through profit or loss are initially recognised
at fair value, and transaction costs are expensed in the
profit or loss. Available-for-sale financial assets and
financial assets at fair value through profit or loss are
subsequently carried at fair value. Loans and receivables
are subsequently carried at amortised cost using the
effective interest method.
Gains or losses arising from changes in the fair value
of the ‘financial assets at fair value through profit or
loss’ category are presented in the profit or loss within
other income/expense in the financial year in which they
arise. Dividend income from financial assets at fair value
through profit or loss is recognised in the profit or loss
as part of other income when the Group’s right to receive
payments is established.
Changes in the fair value of monetary securities
denominated in a foreign currency and classified as
available-for-sale are analysed between translation
differences resulting from changes in amortised cost of
the security and other changes in the carrying amount
of the security. The translation differences on monetary
securities are recognised in the profit or loss and
translation differences on non-monetary securities are
recognised in OCI. Changes in the fair value of monetary
and non-monetary securities classified as available-for-
sale are recognised in OCI.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Financial Assets (cont’d)
(b) Recognition and measurement (cont’d)
When securities classified as available-for-sale are sold
or impaired, the accumulated fair value adjustments
recognised in equity are included in the profit or loss as
“gains/losses or impairment losses from available-for-
sale financial assets”.
Interest on available-for-sale securities calculated using
the effective interest method is recognised in the profit or
loss. Dividends on available-for-sale equity instruments
are recognised in the profit or loss when the Group’s right
to receive payments is established.
The fair values of quoted investments are based on
current bid prices. If the market for a financial asset is not
active (and for unlisted securities), the Group establishes
fair value by using valuation techniques. These include
the use of recent arm’s length transactions, reference
to other instruments that are substantially the same,
discounted cash flow analysis, and option pricing models,
making maximum use of market inputs and relying as
little as possible on entity-specific inputs.
Financial assets are derecognised when the right to
receive cash flows from the investments have expired
or have been transferred and the Group has transferred
substantially all risks and rewards of ownership.
(c) Impairment of financial assets
The Group assesses at each reporting date whether there
is objective evidence that a financial asset or a group of
financial assets is impaired. In the case of equity securities
classified as available-for-sale, a significant or prolonged
decline in the fair value of the security below its cost is
taken as evidence that the securities are impaired. If
any such evidence exists for available-for-sale financial
assets, the cumulative loss - measured as the difference
between the acquisition cost and the current fair value,
less any impairment loss on that financial asset previously
recognised in profit or loss - is removed from equity
and recognised in the profit or loss. Impairment losses
recognised in the profit or loss on equity instruments
classified as available-for-sale are not reversed through
the profit or loss.
Intangible Assets
(a) Goodwill
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the aggregate of the
consideration transferred, the amount of any non-
controlling interest in the acquiree and the fair value of
any previous equity interest in the acquiree over the fair
value of the net identifiable assets acquired and liabilities
assumed. If the aggregate of consideration transferred,
the amount of non-controlling interest and the fair value
of previously held interest in the acquiree are less than
the fair value of the net identifiable assets of the acquiree,
the resulting gain is recognised in the profit or loss.
Goodwill is stated at cost less accumulated impairment
(cont’d) 111
31 December 2017
losses. Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the
purpose of annual impairment testing. The allocation is
made to those cash generating units or groups of cash
generating units that are expected to benefit from the
business combination in which the goodwill arose.
(b) Licences
Casino licences - indefinite lives
The Group capitalises purchased casino licences. The
amount capitalised is the difference between the price
paid for a casino including the associated licence and the
fair value of a similar property without a casino licence.
Casino licences have indefinite useful lives as there is no
foreseeable limit to the period over which the licences
are expected to generate cash inflows. Each licence is
reviewed annually for impairment and as such is stated
at cost less any accumulated impairment losses.
Purchased licences - definite lives
The Group capitalises purchased licence. The licences,
which have definite useful lives, are initially recognised at
cost and subsequently carried at cost less accumulated
amortisation and accumulated impairment losses. The
cost is amortised using the straight-line method over its
estimated useful lives of 30 to 40 years. The amortisation
period and amortisation method are reviewed at each
reporting date. The effects of any revision are recognised
in the profit or loss when changes arise. Where an
indication of impairment exists, the carrying amount of
licences is assessed and written down immediately to its
recoverable amount.
Casino and theme park licences - Singapore
Casino and theme park licences are initially recognised at
cost and subsequently carried at cost less accumulated
amortisation and accumulated impairment losses. Such
cost is amortised using the straight-line method over 3
to 30 years, which is the shorter of its economic useful
life and periods of contractual right. The amortisation
period and amortisation method are reviewed at each
reporting date. The effects of any revision are recognised
in the profit or loss when changes arise. Amortisation is
recognised in the profit or loss unless the amount can be
capitalised as part of construction-in-progress. Where
an indication of impairment exists, the carrying amount
of licence is assessed and written down immediately to
its recoverable amount.
(c) Trademarks
Trademarks are reviewed annually for impairment and
are stated at cost less any accumulated impairment
losses. Trademarks have an indefinite useful life as
it is maintained through continuous marketing and
upgrading.
ANNUAL REPORT 2017 | GENTING BERHAD
112 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Intangible Assets (cont’d)
(d) Research and development expenditure
Research expenditure is recognised as an expense
when incurred. Costs incurred on development projects
(relating to the design and testing of new or improved
products) are recognised as intangible assets when the
following criteria are fulfilled:
(i) It is technically feasible to complete the intangible
asset so that it will be available for use or sale;
(ii) Management intends to complete the intangible
asset and use or sell it;
(iii) There is an ability to use or sell the intangible asset;
(iv) It can be demonstrated that the intangible asset will
generate probable future economic benefits;
(v) Adequate technical, financial and other resources
to complete the development and to use or sell the
intangible asset are available; and
(vi) The expenditure attributable to the intangible asset
during its development can be reliably measured.
Collaborations and alliances are maintained with third
parties for provision of research and development
expertise and capacity in genomics for the achievement
of performance milestones. Milestone payments are
capitalised to the extent that the capitalisation criteria
in FRS 138 “Intangible Assets” are met. Judgement is
involved in determining whether the amount paid meets
the performance milestones so as to enable the amount
to be capitalised as intangible assets.
Other development expenditures that do not meet these
criteria are recognised as an expense when incurred.
Development costs previously recognised as an
expense are not recognised as an asset in a subsequent
period. Capitalised development costs are recorded as
intangible assets and amortised from the point at which
the asset is ready for use or sale, on a straight-line basis
over the estimated useful lives, not exceeding 20 years.
(e) Intellectual property rights
Acquired intellectual property (“IP”) rights are stated
at cost less accumulated amortisation and accumulated
impairment losses. The IP rights are amortised from the
point at which the asset is available for use or sale, on a
straight-line basis over its useful life not exceeding 20
years.
(f) Software development
Software development that does not form an integral
part of other related hardware is treated as an
intangible asset. Costs that are directly associated with
development and acquisition of software development
programmes by the Group are capitalised as intangible
assets when the following criteria are met:
(i) It is technically feasible to complete the software
product so that it will be available for use;
(ii) Management intends to complete the software
product and use or sell it;
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
(iii) There is an ability to use or sell the software product;
(iv) It can be demonstrated that the software product
will generate probable future economic benefits;
(v) Adequate technical, financial and other resources
to complete the development and to use or sell the
software product are available; and
(vi) The expenditure attributable to the software
product during its development can be reliably
measured.
Direct costs include staff cost of the software
development team and an appropriate portion of
relevant overheads. Costs associated with maintaining
software development programmes are recognised as
an expense when incurred.
Expenditure that enhances or extends the performance
of computer software programmes beyond their original
specifications is recognised as a capital improvement
and added to the original cost of the software.
Completed software development programmes
recognised as assets are amortised using the straight-
line method over their estimated useful lives of 5 years.
The amortisation period and amortisation method are
reviewed at each reporting date. The effects of any
revision are recognised in profit or loss when changes
arise.
Software development programmes under development
are not amortised.
See accounting policy note on impairment of non-
financial assets for intangible assets.
Rights of Use of Oil and Gas Assets
(a) Rights and concessions
Included in rights and concessions are purchase
consideration that the Group has paid for the acquisition
of working interest in contracts for petroleum
exploration, development and production.
Rights and concessions are amortised according to the
unit of production (“UOP”) method based on the proved
and probable reserves of the fields, represented by the
Group’s estimated entitlements to future production
under the terms of the petroleum contracts.
(b) Exploration cost
Oil and gas exploration cost is accounted for in
accordance with the successful efforts method. Under
this method, costs directly associated with an exploration
well are capitalised when incurred and are accumulated
in respect of each identifiable area of interest. These
costs are carried as an asset when the well has found a
sufficient quantity of reserves to justify its completion
as a producing well and the Group is making sufficient
progress assessing the reserves and the economic and
operating viability of the project. Exploration costs not
meeting these criteria are charged to expense. Other
exploratory expenditures including geological and
geophysical costs are expensed when incurred.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Rights of Use of Oil and Gas Assets (cont’d)
(b) Exploration cost (cont’d)
Exploration cost is stated at cost less any accumulated
impairment losses. Where one or more of the following
facts and circumstances exists, the carrying amount
of the exploration cost is assessed and written down
immediately to its recoverable amount.
(i) the petroleum contract has expired during the
period or will expire in the near future, and is not
expected to be renewed;
(ii) no further exploration and evaluation activities
budgeted nor planned;
(iii) exploration and evaluation activities in the specific
area have not led to the discovery of commercially
viable quantities of oil and gas and the Group has
decided to discontinue such activities in the specific
area;
(iv) sufficient data exist to indicate that, although
a development in the specific area is likely to
proceed, the carrying amount of the exploration
and evaluation asset is unlikely to be recovered in
full from successful development or by sale.
When development plan is commercially viable and
approved by the relevant authorities, the related
exploration and evaluation costs are transferred to
project-in-progress within the Rights of Use of Oil and
Gas Assets. Development costs incurred in bringing an
area of interest to commercial production is capitalised.
Upon commencement of production, the exploration
and development expenditure initially capitalised as
projects-in-progress are transferred to production wells
and amortised as described in the accounting policy 3(c)
below.
(c) Production wells, related equipment and facilities
Production wells, related equipment and facilities are
shown in the statement of financial position as Rights
of Use of Oil and Gas Assets in recognition of the
eventual ownership of production assets being vested
in the government. Capitalisation is made within Rights
of Use of Oil and Gas Assets according to the nature of
the expenditure. These assets are stated at cost less
accumulated depreciation, depletion and amortisation.
Completed production wells, related equipment and
facilities are depleted according to the UOP method
based on the proved and probable reserves of each field,
represented by the Group’s estimated entitlements
to future production under the terms of the relevant
petroleum contracts.
Construction in progress are not amortised until the
assets are completed and transferred to production
wells.
At each reporting date, the Group assesses whether
there is any indication of impairment. If such indication
(cont’d) 113
31 December 2017
exists, an analysis is performed to assess whether the
carrying amount of asset is fully recoverable. A write
down is made if the carrying amount exceeds the
recoverable amount.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost includes, where relevant, appropriate proportions
of overheads and is determined on a weighted average basis.
Net realisable value is the estimated selling price in the
ordinary course of business, less costs of completion and
selling expenses. The cost of unsold properties comprises
cost associated with the acquisition of land, direct costs and
an appropriate proportion of allocated costs attributable to
property development activities.
Non-Current Assets Held for Sale
Non-current assets are classified as assets held for sale if
their carrying amount will be recovered principally through
a sale transaction rather than through continuing use and
a sale is considered highly probable. They are stated at the
lower of carrying amount and fair value less costs to sell
(“FVLCTS”).
An impairment loss is recognised for any initial or subsequent
write-down of the asset to FVLCTS. A gain is recognised for
any subsequent increases in FVLCTS of an asset, but not
in excess of any cumulative impairment loss previously
recognised. A gain or loss not previously recognised by the
date of the sale of the non-current asset is recognised at the
date of derecognition.
Non-current assets are not depreciated or amortised while
they are classified as held for sale. Interest and other
expenses attributable to the liabilities classified as held for
sale continue to be recognised.
Non-current assets classified as held-for-sale are presented
separately from the other assets in the statement of
financial position. The liabilities classified as held for sale are
presented separately from other liabilities in the statement
of financial position.
Receivables
Receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less allowance for impairment loss. An
impairment of receivables is established when there is
objective evidence that the Group will not be able to collect all
amounts due according to the original terms of receivables.
The amount of impairment is the difference between the
asset’s carrying amount and the present value of estimated
future cash flows, discounted at the effective interest rate.
The amount of the impairment loss is recognised in the profit
or loss. An impairment loss is reversed only to the extent of
previously recognised impairment losses for the same asset.
The reversal is recognised in the profit or loss.
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114 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Cash and Cash Equivalents
Cash and cash equivalents include cash and bank balances
(net of bank overdrafts), money market instruments,
deposits and other short term, highly liquid investments
that are readily convertible to known amounts of cash and
are subject to insignificant risk of changes in value (with
original maturities of 3 months or less). Bank overdrafts are
included within short term borrowings in current liabilities in
the statements of financial position.
Payables
Payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method.
Finance Leases
(a) Accounting for Lessee
Leases of property, plant and equipment where the
Group, as lessee, assumes substantially all the benefits
and risks of ownership are classified as finance leases.
Finance leases are capitalised at the inception of
the lease at the lower of the fair value of the leased
property and the present value of the minimum lease
payments. Each lease payment is allocated between the
liability and finance charges so as to achieve a constant
periodic rate of interest on the balance outstanding. The
corresponding rental obligations, net of finance charges,
are included in borrowings. The interest element of
the finance charge incurred on qualifying assets are
capitalised until the assets are ready for their intended
use after which such expense is charged to the profit or
loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the
liability for each period.
Property, plant and equipment acquired under finance
lease is depreciated over the shorter of the estimated
useful life of the asset and the lease term if there is
no reasonable certainty that the Group will obtain
ownership at the end of the lease term.
(b) Accounting for Lessor
When assets are leased out under a finance lease, the
present value of the lease payments is recognised as a
receivable. The difference between the gross receivable
and the present value of the receivable is recognised as
unearned finance income. Lease income is recognised
over the term of the lease using the net investment
method so as to reflect a constant periodic rate of return
on the balance outstanding.
Operating Leases
(a) Accounting for Lessee
Leases where a significant portion of the risks and
rewards of ownership are retained by the lessors are
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
classified as operating leases. Payments made under
operating leases (net of any incentives received from the
lessors) are charged to the profit or loss on a straight-
line basis over the period of the lease.
(b) Accounting for Lessor
Leases where the Group retains substantially all risks
and rewards of ownership are classified as operating
leases. Rental income from operating leases (net of
any incentives given to the lessees) is recognised in the
profit or loss on a straight-line basis over the lease term.
Initial direct costs incurred by the Group in negotiating
and arranging operating leases are added to the
carrying amount of the leased assets and recognised as
an expense in profit or loss over the lease term on the
same basis as the lease income.
Lease incentives are recognised as other receivables
where such incentives are provided by the Group and
recognised net of lease income in profit or loss over
the lease term on the same basis as the lease income.
Contingent rents are recognised as income in profit or
loss when earned.
Share Capital
Ordinary shares are classified as equity when there is no
contractual obligation to deliver cash or other financial assets
to another entity or to exchange financial assets or liabilities
with another entity that are potentially unfavourable to the
issuer.
Incremental costs directly attributable to the issue of new
shares, warrants, options or for the acquisition of a business
are shown in equity as a deduction, net of tax, from the
proceeds.
The proceeds received net of any directly attributable
transaction costs are credited to share capital when the
options are exercised.
Treasury Shares
A purchase by the Company of its own equity shares is
accounted for under the treasury stock method. Under this
method, the shares purchased and held as treasury shares
is measured and carried at the cost of purchase (including
any directly attributable incremental external costs, net of
tax). On presentation in the statements of financial position,
the carrying amount of the treasury shares is offset against
equity. Where treasury shares are distributed as share
dividends, the cost of the treasury shares is applied in the
reduction of the distributable reserves. Where treasury shares
are reissued by re-sale in the open market, the difference
between the sales consideration and the carrying amount
of the treasury shares is shown as a movement in equity. As
treasury shares, the rights attached to voting, dividends and
participation in other distribution are suspended.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Perpetual Capital Securities
Perpetual capital securities are classified as equity when
there is no contractual obligation to deliver cash or other
financial assets to another person or entity or to exchange
financial assets or financial liabilities with another person
or entity that are potentially unfavourable to the issuer.
Incremental costs directly attributable to the issuance of
new perpetual capital securities are shown in equity as
a deduction, net of tax, from the proceeds. The proceeds
received net of any directly attributable transaction costs are
credited to perpetual capital securities.
Warrants Reserve
Proceeds from the issuance of warrants, net of issuance
costs, are credited to warrants reserve. Warrants reserve
is transferred to the share capital upon the exercise of
the warrants. Warrants reserve in relation to unexercised
warrants at the expiry of the warrants period is transferred
to retained earnings.
Borrowings
Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting date.
Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan and are
capitalised and amortised over the period of the facility to
which it relates.
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Subsequently, borrowings are
stated at amortised cost using the effective interest method.
Any difference between the amount recorded as borrowings
and the associated redemption value is recognised in the
profit or loss over the period of the borrowings.
General and specific borrowing costs directly attributable
to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial
period of time to get ready for their intended use or sale,
are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale.
Interest income earned from specific borrowings which
are invested temporarily pending the utilisation of such
borrowings on qualifying assets is deducted from the
borrowing costs eligible for capitalisation.
All other borrowing costs are charged to profit or loss.
Financial Guarantee Contracts
A financial guarantee contract is a contract that requires
the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails
to make payment when due. Financial guarantee contracts
are recognised initially at fair value plus transaction costs
and thereafter, at the higher of the best estimate of the
expenditure required to settle the present obligation at
(cont’d) 115
31 December 2017
the end of the reporting period and the amount initially
recognised less, where appropriate, cumulative amortisation
recognised.
Impairment of Non-Financial Assets
The carrying amounts of non-financial assets other than
inventories, assets arising from construction contracts,
property development activities, deferred tax assets and
non-current assets classified as held for sale are reviewed
for impairment losses whenever events or changes in
circumstances indicate that the carrying amount may not be
recoverable. If such indication exists, an impairment review
is performed to assess whether the carrying amount of the
asset is fully recoverable.
Irrespective of whether there is any indication of impairment,
the Group also:
(a) tests intangible assets with indefinite useful life for
impairment annually by comparing its carrying amount
with its recoverable amount; and
(b) tests goodwill acquired in a business combination for
impairment annually.
Impairment loss is recognised when the carrying amount of
the asset exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs of
disposal and its value in use, which is measured by reference
to discounted future cash flows. Recoverable amounts are
estimated for individual assets, or if it is not possible, for the
cash generating unit.
An impairment loss is charged to the profit or loss, unless
the asset is carried at revalued amount, in which case the
impairment loss is used to reduce the revaluation surplus.
Non-financial assets other than goodwill that have suffered
impairment are reviewed for possible reversal of the
impairment at each reporting date.
An impairment loss is reversed only to the extent of
previously recognised impairment losses for the same asset
unless the asset is carried at revalued amount, in which case
the reversal is treated as an increase to revaluation reserve.
An impairment loss recognised for goodwill shall not be
reversed.
Contingent Liabilities and Contingent Assets
A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Group or a present
obligation that is not recognised because it is not probable
that an outflow of resources will be required to settle
the obligation or the amount of the obligation cannot be
measured with sufficient reliability. A contingent liability is
disclosed, unless the possibility of an outflow of resource
embodying economic benefit is remote. When a change in
the probability of an outflow of economic resources occurs
and the outflow is probable, it will then be recognised as a
provision. However, contingent liabilities do not include
financial guarantee contracts.
ANNUAL REPORT 2017 | GENTING BERHAD
116 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Contingent Liabilities and Contingent Assets (cont’d)
A contingent asset is a possible asset that arises from past
events whose existence will be confirmed by uncertain
future events beyond the control of the Group. The Group
does not recognise contingent assets but discloses their
existence where inflows of economic benefits are probable,
but not virtually certain. When inflow of economic resources
is virtually certain, the asset is recognised.
In the acquisition of subsidiaries by the Group under a
business combination, the contingent liabilities assumed are
measured initially at their fair value at the acquisition date,
irrespective of the extent of any non-controlling interests.
The Group recognises separately the contingent liabilities
of the acquirees as part of allocating the cost of a business
combination where the fair values can be measured reliably.
Where the fair values cannot be measured reliably, the
resulting effect will be reflected in the goodwill arising from
the acquisitions.
Subsequent to the initial recognition, the Group measures
the contingent liabilities that are recognised separately
at the date of acquisition at the higher of the amount
that would be recognised in accordance with FRS 137
“Provisions, Contingent Liabilities and Contingent Assets”
and the amount initially recognised less, when appropriate,
cumulative amortisation recognised in accordance with FRS
118 “Revenue”.
Provisions
Provisions are recognised when the Group has a present
legal or constructive obligation as a result of a past event,
when it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation,
and when a reliable estimate can be made of the amount of
the obligation.
Present obligations arising under onerous contracts are
recognised and measured as provisions. An onerous contract
is considered to exist where the Group has a contract under
which the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits received
under it.
Where the Group expects a provision to be reimbursed by
another party, the reimbursement is recognised as a separate
asset but only when the reimbursement is virtually certain.
Asset Retirement Obligations - oil and gas
Asset retirement obligations (including future
decommissioning and restoration) which meet the criteria
of provisions are recognised as provisions and the amount
recognised is the present value of the estimated future
expenditure determined in accordance with local conditions
and requirements, while a corresponding addition to the
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
related oil and gas assets of an amount equivalent to the
provision is also created. This is subsequently amortised as
part of the costs of the Rights of Use of Oil and Gas Assets.
Interest expense from asset retirement obligations for each
period are recognised using the effective interest method
over the useful life of the related oil and gas assets.
Income Taxes
Current taxation is determined according to the tax laws of
each jurisdiction in which the Group operates and includes all
taxes based upon the taxable income and is measured using
the tax rates which are applicable at the reporting date.
Deferred tax liabilities and/or assets are recognised, using
liability method, on temporary differences between the
carrying amounts of assets and liabilities in the financial
statements and their related tax bases. Deferred tax is not
recognised for the following temporary differences: the initial
recognition of goodwill, the initial recognition of assets or
liabilities in a transaction that is not a business combination
and that affects neither accounting profit nor taxable profit or
loss. Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available against
which the deferred tax assets can be utilised. Deferred tax
liability in respect of asset revaluations is also recognised.
Deferred tax liabilities and assets are measured at the tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the related
deferred tax asset is realised or the deferred tax liability is
settled.
Deferred tax is recognised on temporary differences arising
on investments in subsidiaries, joint ventures and associates
except where the timing of the reversal of the temporary
difference can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable
future.
Deferred and current tax assets and liabilities are offset
when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred
tax assets and liabilities relate to taxes levied by the same
taxation authority on either the taxable entity or different
taxable entities where there is an intention to settle the
balances on a net basis.
Tax benefits from investment tax allowance and customised
incentive granted under the East Coast Economic Region are
recognised when the tax credit is utilised and no deferred tax
asset is recognised on the unutilised tax benefits.
 NOTES TO THE FINANCIAL STATEMENTS
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Employee Benefits
(a) Short-Term Employee Benefits
Short-term employee benefits include wages, salaries,
bonus, social security contributions and paid annual
leave. These benefits are accrued when incurred and are
measured on an undiscounted basis.
(b) Post-Employment Benefits
Post-employment benefits include defined contribution
plans under which the Group pays fixed contributions
into a separate entity (a fund) and will have no legal or
constructive obligation to pay further contributions if the
fund does not hold sufficient assets to pay all employee
benefits relating to employee service in the current and
prior periods. These benefits are accrued when incurred
and are measured on an undiscounted basis.
(c) Long-Term Employee Benefits
Long-term employee benefits include retirement
gratuities payable under a retirement gratuity scheme
which was established in 1991 by the Board of Directors for
Executives and Executive Directors of the Company and
certain subsidiaries. The level of retirement gratuities
payable is determined by the Board of Directors in
relation to services rendered and it does not take into
account the employee’s performance to be rendered in
later years up to retirement and the gratuity is a vested
benefit when the employee reaches retirement age.
The present value of the retirement gratuities is
determined by discounting the amount payable by
reference to market yields at the reporting date on
high quality corporate bonds which have terms to
maturity approximating the terms of the related liability.
Employee turnover is also factored in arriving at the
level of the retirement gratuities payable. Past-service
costs are recognised immediately in the profit or loss.
Such retirement gratuities payable are classified as
current liabilities where it is probable that a payment will
be made within the next twelve months and also provided
that the amount has been approved for payment by the
Board of Directors.
(d) Share-based Compensation
For equity-settled, share-based compensation plan, the
fair value of employee services rendered in exchange for
the grant of the shares and/or options is recognised as an
expense with a corresponding increase in equity over the
vesting period. The total amount to be expensed in the
income statement over the vesting period is determined
by reference to the fair value of shares and/or options
granted at the grant date and the number of shares and/
or options vested by vesting date, excluding the impact of
any non-market vesting conditions. Non-market vesting
conditions are included in the estimates of the number
of shares and/or options that are expected to become
vested and/or exercisable. At each reporting date, the
(cont’d) 117
31 December 2017
respective companies will revise its estimates of the
number of shares and/or options that are expected to
be vested and it recognises the impact of this revision in
the income statement with a corresponding adjustment
to equity. After the vesting date, no adjustment to the
income statement is made. For performance shares that
are expected to be granted, due to services received
before grant date, the total amount to be recognised
over the vesting period is determined by reference to
the fair value of the performance shares at the end of
the reporting period, until the date of grant has been
established.
The proceeds received net of any directly attributable
transaction costs are credited to share capital and share
premium when the options are exercised. For share-
based compensation plan implemented by a subsidiary,
the proceeds are credited in equity as transactions with
owners.
Where the terms of a share-based compensation plan
are modified, the expense that has yet to be recognised
for the award is recognised over the remaining vesting
period as if the terms had not been modified. Additional
expense is recognised for any increase in the total fair
value of the share and/or options due to the modification,
as measured at the date of the modification.
Revenue Recognition
Sales are recognised upon delivery of products or
performance of services, net of goods and services tax,
returns, rebates and discounts and amounts collected on
behalf of third parties and after eliminating sales within the
Group.
Gaming revenue represents net house takings, which is
the aggregate of wins and losses arising from gaming play.
Revenue is reported after deduction of goods and services
tax, commissions, discounts and loyalty points awarded to
customers where applicable. The casino licence in Malaysia
is renewable every three months.
Sales relating to property development projects are
recognised progressively as the project activity progresses
and are in respect of sales where agreements have been
finalised. The recognition of sales is based on the percentage
of completion method and is consistent with the method
adopted for profit recognition.
Rental income from operating leases (net of any incentives
given to the lessees) is recognised in the profit or loss on a
straight-line basis over the lease term.
Investment and interest income are recognised using the
effective interest method.
Revenue from the sale of oil and electricity, net of taxes,
is recognised when the significant risks and rewards of
ownership have been transferred, which is considered
to occur when oil or electricity has been delivered to the
customer.
Revenue from construction contract is recognised on the
percentage of completion method.
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118 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Revenue Recognition (cont’d)
Capacity payment represents finance income on the service
concession receivable arising from a service concession
arrangement subsequent to the commencement of
commercial operation, and is recognised using the effective
interest method. Finance income prior to commercial
operation is classified under other income.
Dividend income is recognised when the right to receive
payment is established, which in the case of quoted securities
is the ex-dividend date.
Fees from management and licensing services are recognised
in the period in which the services are rendered.
Dividends
Dividends on ordinary shares are accounted for in
shareholders’ equity as an appropriation of retained earnings
and accrued as a liability in the financial year in which the
obligation to pay is established.
Government Grant
Government grants related to assets are recognised initially
as deferred income at fair value when there is reasonable
assurance that they will be received and the Group will
comply with the conditions associated with the grant and
are then recognised in profit or loss as other income on a
systematic basis over the useful life of the assets when the
assets are commissioned.
Foreign Currency Translation
(a) Functional and presentation currency
Items included in the financial statements of each of
the Group’s entities are measured using the currency of
the primary economic environment in which the entity
operates (“the functional currency”). The consolidated
financial statements are presented in Ringgit Malaysia
(“RM”), which is the Company’s functional and
presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items
are remeasured. Foreign exchange gains and losses
resulting from the settlement of such transactions and
from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign
currencies are recognised in the profit or loss, except
when deferred in equity as qualifying cash flow hedges
and qualifying net investment hedges.
Translation differences on non-monetary financial
assets and liabilities such as equities held at fair value
through profit or loss are recognised in profit or loss as
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
part of the fair value gain or loss. Translation differences
on non-monetary financial assets such as equities
classified as available-for-sale are included in reserve on
exchange differences as OCI.
(c) Group companies
On consolidation, the results and financial position of
all the Group’s entities which have a functional currency
different from that of the Group’s presentation currency
are translated into the Group’s presentation currency as
follows:
(i) assets and liabilities are translated at the closing
rate at the reporting date;
(ii) income and expenses in profit or loss are translated
at average exchange rates (unless this average is not
a reasonable approximation of the cumulative effect
of the rates prevailing on the transaction dates, in
which case income and expenses are translated at
the dates of the transactions); and
(iii) all resulting exchange differences are recognised as
a separate component of OCI.
On consolidation, exchange differences arising from the
translation of the net investment in foreign operations,
and of borrowings and other currency instruments
designated as hedges of such investments, are taken to
OCI. When a foreign operation is partially disposed of or
sold, such exchange differences that were recorded in
equity are recognised in the profit or loss as part of the
gain or loss on disposal.
Intercompany loans where the settlement is neither
planned nor likely to occur in the foreseeable future,
are treated as part of the parent’s net investment.
Translation differences arising therefrom are recognised
in OCI.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets and
liabilities of the foreign entity and translated at the
closing rate. Exchange differences arising are recognised
in OCI.
Derivative Financial Instruments and Hedging Activities
Derivative financial instruments are initially recognised at
fair value on the date the derivative contract is entered into
and are subsequently remeasured at their fair value at the
end of each reporting period. The method of recognising the
resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of
the item being hedged.
Fair value changes on derivative that are not designated or
do not qualify for hedge accounting are recognised in profit
or loss within fair value gains/losses on derivative financial
instruments when the changes arise.
 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 119
31 December 2017

3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Derivative Financial Instruments and Hedging Activities (cont’d)

The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged
items, as well as its risk management objective and strategies for undertaking various hedging transactions. The Group also
documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging
instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items.

The fair value changes on the effective portion of interest rate swaps or other derivatives that are designated and qualify as
cash flow hedges are recognised in the cash flow hedge reserve and reclassified to the profit or loss when the interest expense
on the borrowings is recognised in the profit or loss unless the amount transferred can be capitalised as part of the cost of a
self-constructed asset, in which case, both the reclassification and interest expense are capitalised. The fair value changes on
the ineffective portion are recognised immediately in the profit or loss.

When a hedging instrument expires or is sold or is terminated, or when the cash flow hedge is discontinued or when a hedge
no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity
and is only transferred to profit or loss when the forecast transaction is ultimately recognised in the profit or loss. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in cash flow hedge reserve is
immediately transferred to the profit or loss within fair value gains/losses on derivative financial instruments.

The carrying amount of the derivative designated as a hedge is presented as a non-current asset or liability if the remaining
expected life of the hedged item is more than 12 months and as a current asset or liability if the remaining expected life of the
hedged item is less than 12 months.

Segmental Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the
operating segments, have been identified as the Chairman and Chief Executive and the President and Chief Operating Officer
of the Company.

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

(a) Financial risk factors

The Group’s overall financial risk management objective is to optimise the value creation for shareholders. The Group seeks
to minimise the potential adverse impacts arising from fluctuations in foreign currency exchange and interest rates and the
unpredictability of the financial markets.

The Group operates within clearly defined guidelines that are approved by the Board of Directors. Financial risk management
is carried out through risk reviews conducted at all significant operating units. This process is further enhanced by effective
internal controls, a comprehensive insurance programme and adherence to the financial risk management policies.

The main areas of financial risks faced by the Group are as follows:

(i) Foreign currency exchange risk

The Group is exposed to foreign currency exchange risk when the Company and its subsidiaries enter into transactions
that are not denominated in their functional currencies. The Group attempts to significantly limit its exposure for
committed transactions by entering into forward foreign currency exchange contracts and cross currency swap within
the constraints of market and government regulations.

The Group’s principal foreign currency exposure relates mainly to the Singapore Dollar (“SGD”), United States Dollar
(“USD”), Hong Kong Dollar (“HKD”) and Indonesia Rupiah (“IDR”).

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120 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(a) Financial risk factors (cont’d)

(i) Foreign currency exchange risk (cont’d)

The Group’s exposure to foreign currencies in respect of its financial assets and financial liabilities as at the reporting
date is as follows:

SGD USD HKD IDR Others Total

At 31 December 2017
Financial assets
Available-for-sale financial assets - 315.1 0.4 - - 315.5
Other non-current assets - 1,328.7 - - - 1,328.7
Trade and other receivables 0.1 23.9 - 99.1 0.3 123.4
Restricted cash - - - - 164.8 164.8
Cash and cash equivalents* 63.0 3,585.7 253.1 59.1 24.0 3,984.9
63.1 5,253.4 253.5 158.2 189.1 5,917.3

Financial liabilities
Trade and other payables (1.2) (39.2) - (107.8) (11.7) (159.9)
Derivative financial instruments (14.4) - - - - (14.4)
Borrowings (215.1) (707.3) - - - (922.4)
(230.7) (746.5) - (107.8) (11.7) (1,096.7)
Net currency exposure (167.6) 4,506.9 253.5 50.4 177.4 4,820.6
At 31 December 2016
Financial assets
Available-for-sale financial assets - - 0.5 - - 0.5
Other non-current assets - 1,189.9 - - - 1,189.9
Trade and other receivables 0.5 28.5 0.8 11.4 3.8 45.0
Derivative financial instruments 1.9 115.5 - - - 117.4
Cash and cash equivalents 287.3 4,310.0 265.9 75.3 39.5 4,978.0
289.7 5,643.9 267.2 86.7 43.3 6,330.8

Financial liabilities
Trade and other payables (0.1) (61.6) (0.4) (27.8) (121.6) (211.5)
Derivative financial instruments (60.6) (10.9) - - - (71.5)
Other non-current liabilities - (10.5) - - - (10.5)
Borrowings (198.8) (763.2) - - - (962.0)
(259.5) (846.2) (0.4) (27.8) (121.6) (1,255.5)
Net currency exposure 30.2 4,797.7 266.8 58.9 (78.3) 5,075.3

* Cash and cash equivalents of RM5,488.9 million (2016: Nil) denominated in USD and arising from a subsidiary
whose functional currency is SGD were not shown in the table above. This cash and cash equivalents’ exposure to
foreign exchange risk was offset by similar exposure from the subsidiary’s corresponding USD inter-company loan.
As a result, the Group’s net exposure to foreign exchange risk had been minimised.

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 121
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(a) Financial risk factors (cont’d)

(i) Foreign currency exchange risk (cont’d)

The following table demonstrates the sensitivity of the Group’s profit after tax and equity to 10% (2016: 10%)
strengthening of each currency respectively in SGD, USD, HKD and IDR against the respective functional currencies of
the entities within the Group, with all other variables held constant.

2017 Increase/(Decrease)
Group Profit after tax OCI
SGD (16.8) -
USD 419.2 31.5
HKD 25.4 -
IDR 5.0 -

2016 Increase/(Decrease)
Group Profit after tax OCI
SGD 3.0 -
USD 479.8 -
HKD 26.6 0.1
IDR 5.9 -

A 10% (2016: 10%) weakening of the above currencies against the respective functional currencies of the entities within
the Group would have the equal but opposite effect to the amount shown above, on the basis that all other variables
remain constant.

The Company’s principal foreign currency exposure relates mainly to cash and cash equivalents of RM53.6 million
(2016: RM35.9 million) which is denominated in USD and amount due to a subsidiary of RM0.2 million (2016: amount
due from a subsidiary of RM123.8 million) which is denominated in SGD. At the reporting date, if exchange rate of USD
had been 10% (2016: 10%) stronger/weaker, with all other variables remaining constant, the profit after tax of the
Company will be higher/lower by RM5.4 million (2016: RM3.6 million). The impact of a 10% change on the SGD is not
material as the exposure to SGD is not significant (2016 : RM12.4 million).

(ii) Interest rate risk

Interest rate risks arise mainly from the Group’s borrowings and debt securities classified as available-for-sale financial
assets. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group manages its cash
flow interest rate risk by using floating-to-fixed interest rate swaps. Such interest rate swaps have the economic effect
of converting the borrowings from floating rates to fixed rates. Under the interest rate swaps, the Group agrees with
financial institutions to exchange, at specified intervals, the difference between the fixed contract rates and floating-
rate interest amounts calculated by reference to the agreed notional principal amounts. There are no significant cash
flow interest rate risks arising from debt securities classified as available-for-sale.

The Group’s outstanding borrowings as at the year end at variable rates on which hedges have not been entered into
are denominated mainly in SGD, USD and RMB. At the reporting date, if annual interest rates had been 1% (2016: 1%)
higher/lower respectively, with all other variables in particular foreign exchange rates and including tax rate being held
constant, the profit before tax will be lower/higher by RM101.9 million (2016: RM109.6 million) as a result of increase/
decrease in interest expense on these borrowings.

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122 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (Cont’d)
(a) Financial risk factors (cont’d)
(iii) Credit risk
Exposure to credit risk arises mainly from sales
made on deferred credit terms, cash and cash
equivalents, deposits with financial institutions,
money market instruments and debt securities as
well as promissory notes issued by the Tribe. Risks
arising therefrom are minimised through effective
monitoring of receivables and suspension of sales
to customers whose accounts exceed the stipulated
credit terms. Credit limits are set and credit history
is reviewed to minimise potential losses.
In managing credit risk exposure from trade
receivables, Genting Singapore PLC (“Genting
Singapore”), an indirect 52.8% subsidiary of the
Company, has established a Credit Committee and
processes to evaluate the creditworthiness of its
counterparties. The counterparty’s payment profile
and credit exposure are continuously monitored by
the Credit Committee, together with the operational
policies and guidelines. Credit exposure to an
individual counterparty is restricted by the credit
limits set by the Credit Committee based on the
ongoing credit evaluation.
The top 10 trade debtors of Genting Singapore
Group as at 31 December 2017 represented 24%
(2016: 34%) of its trade receivables. The Genting
Singapore Group also establishes an allowance
account for impairment that represents its estimate
of losses in respect of trade and other receivables.
The main component of this allowance is estimated
losses that relate to the specific counterparties.
Subsequently, when the Genting Singapore Group is
satisfied that no recovery of such losses is possible,
the trade receivables are considered irrecoverable
and the amount charged to the allowance account is
then written off against the carrying amount of the
impaired trade receivables.
The Group avoids, where possible, any significant
exposure to a single customer. However, in the
ordinary course of business, certain subsidiaries in
the Group’s Power Segment have trade receivables
that are solely from their offtakers, the provincial
or national electricity utility companies whereas
certain subsidiaries in Group’s Oil and Gas
Segment are transacting solely with the state-
owned customers. As such, the counterparty risk is
considered to be minimal.
In addition to that, the Group is also exposed to
individual customer or counterparty risk in relation
to the Group’s investment in promissory notes issued
by the Tribe. The Group’s credit risks are minimised
through effective monitoring of receivables.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
The Group’s cash and cash equivalents and short
term deposits are placed with creditworthy financial
institutions and the risks arising thereof are
minimised in view of the financial strength of these
financial institutions. The risks arising therefrom
are further minimised by the setting of exposure
limits for each financial institution and the tenure
of the placements which are normally less than
one year. The approved exposure limit for each
financial institution is subjected to regular reviews.
To minimise the Group’s counterparty risk, the
Group enters into derivative transactions only with
creditworthy financial institutions.
The Group is exposed to credit risk from non-
related counterparties where the Group holds debt
securities issued by those entities. The Group only
holds debt securities with issuers which are of
investment grade.
The Group also seeks to invest cash assets safely
and profitably and buys insurance to protect itself
against insurable risks. In this regard, counterparties
are assessed for credit risk and limits are set to
minimise any potential losses.
At the Company level, credit risk arises from amounts
due from subsidiaries, cash and cash equivalents,
income fund and deposits with banks and financial
institutions. The Company’s exposure to bad debts
is not significant. The Company also manages its
credit risk by performing regular reviews of the
ageing profile of amounts due from subsidiaries.
The credit risk on income fund is limited because
the fund is ultimately deposited with creditworthy
financial institutions.
Financial assets that are neither past due nor
impaired
Information regarding other non-current assets and
trade and other receivables that are neither past
due nor impaired is disclosed in Notes 27 and 30.
Deposits with banks and other financial institutions,
investment securities and derivatives that are
neither past due nor impaired are placed with or
entered into with reputable financial institutions or
companies with high credit ratings and no history
of default.
Financial assets that are either past due or impaired
Information regarding trade receivables that are
past due or impaired is disclosed in Note 30.
Apart from those disclosed above, none of the other
financial assets is past due or impaired.
 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 123
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(a) Financial risk factors (cont’d)

(iii) Credit risk (cont’d)

As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each class of
financial instruments is the carrying amount of that class of financial instruments presented on the statements of
financial position, except as follows:

Company
2017 2016
Corporate guarantee provided to banks on subsidiaries’ facilities 3,615.1 4,203.7

(iv) Price risk

The Group is exposed to equity securities price risk from its investments in quoted securities classified as financial
assets at fair value through profit or loss, available-for-sale financial assets and derivative financial instruments. To
manage its price risk arising from investments in equity securities, the Group diversifies its portfolio which is done in
accordance with the limits set by the Group.

If the prices of equity securities and derivative financial instruments listed in the respective countries change by 1%
(2016: 1%) respectively with all other variables including tax rate being held constant, the Group’s profit after tax and
OCI for the current and previous financial years will be as follows:

2017 Increase/Decrease
Group Profit after tax OCI
Listed equity securities
– increase/decrease 1% 0.1 9.4

Company
Listed derivative financial instruments
– increase/decrease 1% 2.3 -

2016 Increase/Decrease
Group Profit after tax OCI
Listed equity securities and derivative financial instruments
– increase/decrease 1% 0.1 8.7

Company
Listed derivative financial instruments
– increase/decrease 1% 2.3 -

Profit after tax would increase/decrease as a result of gains/losses on equity securities classified as fair value through
profit or loss and derivative financial instruments. Other components of equity would increase/decrease as a result of
gains/losses on equity securities classified as available-for-sale.

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124 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(a) Financial risk factors (cont’d)

(v) Liquidity risk

The Group practises prudent liquidity risk management to minimise the mismatch of financial assets and liabilities.
The Group’s cash flow is reviewed regularly to ensure that the Group is able to settle its commitments when they fall
due.

The Group manages its liquidity risk with the view to maintaining a healthy level of cash and cash equivalents
appropriate to the operating environment and expected cash flows of the Group. Liquidity requirements are maintained
within its undrawn committed borrowing facilities at all times and are sufficient and available to the Group to meet its
obligations.

Generally, surplus cash held by the operating entities over and above the balance required for working capital
management are managed by the Group Treasury. The Group Treasury invests surplus cash in interest bearing
accounts, money market deposits and marketable securities, choosing instruments with appropriate maturities or
sufficient liquidity to provide sufficient headroom as determined by the above-mentioned cash flows of the Group.

The table below analyses the financial liabilities into relevant maturity groupings based on the remaining period at the
reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted
cash flows.

Less than Between 1 Between 2 Over

1 year and 2 years and 5 years 5 years
Group
At 31 December 2017
Other non-current liabilities - 295.2 0.1 -
Derivative financial instruments
- hedged 46.7 36.6 82.8 50.3
Trade and other payables 5,068.6 - - -
Amounts due to joint ventures 112.4 - - -
Borrowings (principal and finance costs) 3,143.9 4,202.2 10,743.2 15,767.7
Company
At 31 December 2017
Trade and other payables 44.0 - - -
Amounts due to subsidiaries
- current 62.5 - - -
- non-current 179.8 1,767.5 772.7 1,823.4

Financial guarantee contracts 3,615.1 - - -

Group
At 31 December 2016
Derivative financial instruments
- hedged 71.8 52.8 (29.3) 90.5
- unhedged 0.7 - - -
Trade and other payables 4,908.8 - - -
Amounts due to joint ventures 4.5 - - -
Borrowings (principal and finance costs) 2,895.3 1,714.0 9,326.4 8,094.3

Company
At 31 December 2016
Trade and other payables 39.1 - - -
Amounts due to subsidiaries
- current 155.5 - - -
- non-current 179.8 179.8 1,957.7 2,405.8

Financial guarantee contracts 4,203.7 - - -

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 125
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(b) Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to
maintain an optimal capital structure so as to provide returns for shareholders and benefits for other stakeholders.

In order to optimise the capital structure, or the capital allocation amongst the Group’s various businesses, the Group may
adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares and warrants, buy
back issued shares, take on new debt or sell assets to reduce debt.

Consistent with others in the industry, the Group monitors capital utilisation on the basis of the gearing ratio. This ratio is
calculated as total debt divided by total capital. Total debt is calculated as total borrowings (comprising ‘short term and
long term borrowings’ as shown in the statements of financial position). Total capital is calculated as the sum of total equity
and total debt.

The gearing ratio as at 31 December 2017 and 2016 are as follows:

Group
2017 2016
Restated
Total debt 26,969.3 17,964.6
Total equity 57,108.9 64,704.3
Total capital 84,078.2 82,668.9

Gearing ratio 32% 22%

There were no changes in the Group’s approach to capital management during the current financial year.

The Group was in compliance with externally imposed capital requirements for the financial years ended 31 December 2017
and 2016.

(c) Fair value measurement

The assets and liabilities carried at fair value are categorised into different levels of the fair value hierarchy as follows:

• Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 : Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3 : Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The following table presents the Group’s financial instruments that are measured at fair value.

Group Level 1 Level 2 Level 3 Total

At 31 December 2017
Financial assets
Financial assets at fair value through profit or loss 7.4 - - 7.4
Available-for-sale financial assets 935.1 620.0 1,270.4 2,825.5
Derivative financial instruments - 4.5 3.7 8.2
942.5 624.5 1,274.1 2,841.1
Financial liability
Derivative financial instruments - 194.5 - 194.5

Company
As at 31 December 2017
Financial asset
Derivative financial instruments 227.9 - - 227.9

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126 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND • The fair value of interest rate swaps, cross currency
POLICIES (cont’d) swaps and commodity collar contracts are calculated
as the present value of the estimated future cash
(c) Fair value measurement (cont’d) flows based on observable yield curves.
• The fair value of forward foreign currency exchange
Group Level 1 Level 2 Level 3 Total contracts is determined using forward exchange
rates at the reporting date.
At 31 December 2016 • Other techniques, such as discounted cash flow
Financial assets analysis, are used to determine fair value for the
Financial assets at remaining financial instruments.
fair value through
profit or loss 10.8 - - 10.8 There were no transfers between Levels 1 and 2 during
the current financial year (2016: Nil).
Available-for-sale
financial assets 872.7 1,250.0 1,614.0 3,736.7
The following table presents the changes in Level 3
Derivative financial financial instruments for the financial years ended 31
instruments - 121.8 - 121.8 December 2017 and 2016:
883.5 1,371.8 1,614.0 3,869.3
Financial liability Group
2017 2016
Derivative financial
instruments - 305.6 - 305.6 As at 1 January 1,614.0 1,589.6
Foreign exchange differences (138.8) 57.4
Company Additions 94.2 106.3
As at 31 December 2016 Disposals (1.7) (19.7)
Financial assets Transfer from Level 2 - 100.8
Available-for-sale Fair value changes – recognised in
financial assets - 200.0 - 200.0 OCI (130.9) (138.9)
Derivative financial Fair value changes – recognised in
income statement (0.4) -
instruments 232.8 - - 232.8
Impairment loss (191.2) -
232.8 200.0 - 432.8
Investment income and interest
income 29.0 19.4
The carrying values of current financial assets and
current financial liabilities of the Group and the Company Repayment (0.1) -
at the end of the reporting period approximated their Transfer to investment in
fair values. associates - (98.8)
Reclassification - (2.1)
The fair value of financial instruments traded in active
As at 31 December 1,274.1 1,614.0
markets is based on quoted market prices at the
reporting date. A market is regarded as active if quoted
If one or more of the significant inputs is not based on
prices are readily and regularly available from an
observable market data, the instrument is included in
exchange, dealer, broker, industry group, pricing service,
Level 3. The assessment of the fair value of unquoted
or regulatory agency, and those prices represent actual
equity securities is performed based on the available
and regularly occurring market transactions on an arm’s
data such as discounted cash flow with key inputs such
length basis. The quoted market price used for financial
as growth rates and discount rates, or recent transacted
assets held by the Group is the current bid price. These
prices of similar financial instruments as indications of
instruments are included in Level 1.
their fair values as at reporting date.
The fair value of financial instruments that are not
Although the Group believes that its estimates
traded in an active market (for example, over-the-
of fair values are appropriate, the use of different
counter derivatives) is determined by using valuation
methodologies or assumptions could lead to different
techniques. These valuation techniques maximise the
measurement of fair value. For fair value measurement
use of observable market data where it is available and
in Level 3, there are no reasonably possible changes
rely as little as possible on entity specific estimates. If
in any of the growth rate or discount rate that would
all significant inputs required to fair value an instrument
materially impact the profit or loss, total assets and total
are observable, the instrument is included in Level 2.
equity of the Group.
If one or more of the significant inputs is not based on
observable market data, the instrument is included in
Level 3.

Specific valuation techniques used to value financial

instruments include:

• Quoted market prices or dealer quotes for similar

instruments.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 127
31 December 2017

5. SEGMENT ANALYSIS

Management has determined the operating segments based on the reports reviewed by the chief operating decision-
makers that are used to make strategic decisions.

The chief operating decision-makers considers the business from both a geographic and industry perspective and has the
following reportable segments:

Leisure & Hospitality - This segment includes the gaming, hotel, entertainment and amusement, tours and travel
related services, development and operation of integrated resorts and other support
services. The contribution from non-gaming operations is not significant.
Plantation - This segment is involved mainly in oil palm plantations, palm oil milling and related
activities.
Power - This segment is involved in the generation and supply of electric power.
Property - This segment is involved in property development activities.
Oil & Gas - This segment is involved in oil & gas exploration, development and production activities.

All other immaterial segments including investments in equities are aggregated and disclosed under “Investments &
Others” as they are not of a sufficient size to be reported separately.

The performance of the operating segments is based on a measure of adjusted earnings before interest, tax, depreciation
and amortisation (“EBITDA”). This measurement basis also excludes the effects of non-recurring items from the operating
segments, such as net fair value gain or loss on financial assets, gain or loss on disposal of financial assets, gain or loss on
derecognition/dilution of shareholding in associates, project costs written off, reversal of previously recognised impairment
losses, impairment losses, pre-opening and development expenses, assets written off, gain or loss on disposal of assets and
share-based payment expenses.

Segment assets consist primarily of property, plant and equipment, investment properties, intangible assets, inventories,
trade and other receivables, available-for-sale financial assets, financial assets at fair value through profit or loss, and cash
and cash equivalents. Segment assets exclude interest bearing instruments, joint ventures, associates, deferred tax assets,
tax recoverable and assets classified as held for sale as these assets are managed on a group basis.

Segment liabilities comprise operating liabilities. Segment liabilities exclude interest-bearing instruments, tax payable,
deferred tax liabilities and liabilities classified as held for sale as these liabilities are managed on a group basis.

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5. SEGMENT ANALYSIS (cont’d)

The segment analysis of the Group is set out below:

Power
(Notes Oil & Investments
Leisure & Hospitality Plantation (ii) & (iii)) Property Gas & Others Total
UK and US and Downstream
2017 Malaysia Singapore Egypt Bahamas Total Malaysia Indonesia Manufacturing Total
31 December 2017

Revenue
Total revenue 6,905.8 7,445.0 1,893.4 1,435.2 17,679.4 962.3 547.1 723.4 2,232.8 1,065.8 219.9 319.4 121.7 21,639.0
Inter/Intra segment (1,075.9) (1.0) - - (1,076.9) (520.7) - - (520.7) - (9.6) (6.4) (5.8) (1,619.4)
External 5,829.9 7,444.0 1,893.4 1,435.2 16,602.5 441.6 547.1 723.4 1,712.1 1,065.8 210.3 313.0 115.9 20,019.6

GENTING BERHAD | ANNUAL REPORT 2017

Results
Adjusted EBITDA 2,376.6 3,629.9 231.0 232.0 6,469.5 413.0 166.6 12.1 591.7 415.8 77.5 207.2 (699.1) 7,062.6
Net fair value (loss)/gain
on derivative financial
instruments - - - - - - - - - (42.8) - 0.9 (0.4) (42.3)
Net gain on disposal of
available-for-sale financial
assets - - - - - - - - - - - - 226.0 226.0
Gain on disposal of assets
and liabilities classified as
held for sale - 34.9 - - 34.9 - - - - - - - 267.3 302.2
Net loss on derecognition/
dilution of shareholding in
associates - - - - - - - - - (62.4) - - - (62.4)
Impairment losses (13.5) (21.0) (163.4) (35.2) (233.1) - - - - (86.2) - (29.6) (326.1) (675.0)
Depreciation and
amortisation (483.1) (877.6) (134.5) (285.9) (1,781.1) (71.2) (98.9) (12.1) (182.2) (10.7) (32.4) (99.4) (21.2) (2,127.0)
NOTES TO THE FINANCIAL STATEMENTS

Interest income 886.8

Finance cost (950.1)
Share of results in joint
ventures - 10.5 - - 10.5 - - - - (21.1) 30.2 - 19.2 38.8
Share of results in associates - - - - - 4.4 - - 4.4 (77.2) 0.1 - (13.2) (85.9)
(cont’d)

Others (Note (i)) (106.0) (55.1) (12.0) (51.9) (225.0) 7.6 0.2 (0.1) 7.7 - 29.8 (9.9) (64.1) (261.5)
Profit before taxation 4,312.2
Taxation (1,069.4)
Profit for the financial year 3,242.8
 5. SEGMENT ANALYSIS (cont’d)

Power Oil & Investments &

Leisure & Hospitality Plantation (Note (ii)) Property Gas Others Total
US and Downstream
2016 (Restated) Malaysia Singapore UK Bahamas Total Malaysia Indonesia Manufacturing Total
Revenue
Total revenue 6,666.8 6,686.9 1,816.2 1,365.0 16,534.9 907.1 368.2 96.1 1,371.4 1,011.5 196.0 228.3 102.2 19,444.3
Inter segment (1,044.3) (0.7) - - (1,045.0) (1.6) - - (1.6) - (9.6) (8.0) (14.3) (1,078.5)
External 5,622.5 6,686.2 1,816.2 1,365.0 15,489.9 905.5 368.2 96.1 1,369.8 1,011.5 186.4 220.3 87.9 18,365.8
Results
Adjusted EBITDA 2,505.6 2,392.1 260.4 175.9 5,334.0 413.6 94.5 (2.4) 505.7 124.2 69.6 176.2 (67.1) 6,142.6
Net fair value loss on
derivative financial
instruments - - - - - - - - - (6.4) - (87.1) - (93.5)
Net gain on disposal
of available-for-sale
financial assets - - - - - - - - - - - - 1,307.0 1,307.0
Gain on disposal of assets
and liabilities classified as
held for sale - 3.0 - - 3.0 - - - - - - - - 3.0
Gain on deemed dilution of
shareholding in associate - - - - - - - - - - - - 26.4 26.4
Reversal of previously
recognised impairment
losses - - 195.2 - 195.2 - - - - - - - - 195.2
Impairment losses (0.2) (39.0) (5.4) - (44.6) - - - - - (5.0) (0.1) (138.5) (188.2)
Depreciation and
amortisation (387.3) (887.4) (149.3) (232.6) (1,656.6) (75.4) (86.3) - (161.7) (9.4) (29.3) (106.7) (39.4) (2,003.1)
Interest income 1,024.5
Finance cost (678.8)
Share of results in joint
ventures - 12.2 - - 12.2 - - - - (56.6) 21.1 - 18.0 (5.3)
Share of results in
associates - (30.9) - - (30.9) 3.6 - - 3.6 (75.9) 0.2 - (8.1) (111.1)
Others (Note (i)) (90.8) (22.8) (17.2) (38.5) (169.3) 129.0 (0.7) - 128.3 - (2.8) (27.5) (87.9) (159.2)
Profit before taxation 5,459.5
Taxation (981.7)
Profit for the financial year 4,477.8
NOTES TO THE FINANCIAL STATEMENTS

Notes:
(i) Others include pre-opening and development expenses, assets written off, gain or loss on disposal of assets and share-based payment expenses.
(ii) The Group had accounted for the construction and development of the 660MW coal-fired power plant in the Banten Province, West Java, Indonesia (“Banten Plant”) in accordance with FRS 111 “Construction Contracts” as required
under IC Interpretation 12 “Service Concession Arrangements” whereby the construction profit is recognised based on the percentage of completion method. Construction revenue and costs of approximately RM183.3 million and
RM134.7 million respectively (2016: RM949.4 million and RM837.7 million respectively), have been disclosed under the “Power” segment in the consolidated income statement for the current financial year ended 31 December 2017
thereby generating a construction profit of RM48.6 million (2016: RM111.7 million).
31 December 2017
(cont’d)

(iii) Revenue and adjusted EBITDA for the current financial year ended 31 December 2017 comprised sale of electricity by the Indonesian coal-fired power plant following the start of commercial operations on 28 March 2017.

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129
 130
5. SEGMENT ANALYSIS (cont’d)

Investments
Leisure & Hospitality Plantation Power Property Oil & Gas & Others Total
UK and US and Downstream
2017 Malaysia Singapore Egypt Bahamas Total Malaysia Indonesia Manufacturing Total
Assets
Segment
assets 11,211.9 16,418.3 4,751.2 7,548.0 39,929.4 1,262.1 4,137.2 489.3 5,888.6 4,706.8 2,709.2 4,159.7 5,368.9 62,762.6
31 December 2017

Interest
bearing
instruments 28,387.2
Joint ventures - 164.7 - - 164.7 - - - - 851.2 108.1 - 89.8 1,213.8

GENTING BERHAD | ANNUAL REPORT 2017

Associates - - - - - 12.7 - - 12.7 43.6 0.4 - 663.5 720.2
Unallocated
corporate
assets 449.0
Assets
classified as
held for sale
(see Note
32) 75.7
Total assets 93,608.5

Liabilities
Segment
liabilities 2,134.1 1,383.2 473.1 503.8 4,494.2 94.5 137.6 18.3 250.4 670.4 178.7 630.0 342.3 6,566.0
Interest
bearing
instruments 26,969.3
NOTES TO THE FINANCIAL STATEMENTS

Unallocated
corporate
liabilities 2,905.1
Liabilities
classified as
held for sale
(cont’d)

(see Note
32) 59.2
Total
liabilities 36,499.6
 5. SEGMENT ANALYSIS (cont’d)

Investments
Leisure & Hospitality Plantation Power Property Oil & Gas & Others Total
US and Downstream
2016 (Restated) Malaysia Singapore UK Bahamas Total Malaysia Indonesia Manufacturing Total
Assets
Segment assets 9,395.9 17,517.2 4,857.0 7,650.3 39,420.4 1,489.5 3,357.6 378.8 5,225.9 4,873.0 2,952.7 4,753.8 5,347.7 62,573.5
Interest bearing
instruments 24,687.3
Joint ventures - 157.6 - - 157.6 - - - - 922.0 77.9 - 127.3 1,284.8
Associates - - - - - 12.2 - - 12.2 215.8 0.5 - 794.8 1,023.3
Unallocated
corporate
assets 373.2
Assets classified as
held for sale (see
Note 32) 1,600.9
Total assets 91,543.0

Liabilities
Segment liabilities 1,916.6 1,074.3 421.7 496.1 3,908.7 93.0 188.8 14.4 296.2 795.5 246.3 812.8 370.0 6,429.5
Interest bearing
instruments 17,985.1
Unallocated
corporate
liabilities 2,413.0
Liabilities
classified as
held for sale
(see Note 32) 11.1
Total liabilities 26,838.7
NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
(cont’d)

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131
132 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

5. SEGMENT ANALYSIS (cont’d)

Geographical Information

Revenue and non-current assets information based on the geographical location of customers and assets respectively are as
follows:

Revenue Non-current assets

2017 2016 2017 2016
Restated
Malaysia 7,185.8 6,819.9 12,311.1 10,290.8
Singapore 7,449.6 6,698.5 15,761.3 16,677.8
Asia Pacific (excluding Malaysia & Singapore) 1,929.1 1,603.5 8,019.6 7,851.6
US and Bahamas 1,512.7 1,418.5 7,950.8 8,522.2
UK and Egypt 1,942.4 1,825.4 4,688.5 5,012.6
20,019.6 18,365.8 48,731.3 48,355.0

Non-current assets exclude investments in joint ventures, associates, available-for-sale financial assets, financial instruments,
deferred tax assets and other non-current assets as presented in the consolidated statement of financial position.

There are no revenues derived from transactions with a single external customer that amounted to 10% or more of the Group’s
revenue during the current financial year.

6. REVENUE

Group Company
2017 2016 2017 2016
Rendering of services:
Leisure and hospitality 16,601.3 15,488.8 - -
Rental and property management income 98.8 61.9 - -
Fees from management and licensing services - - 618.0 600.0
Other services 60.4 59.6 19.6 17.6
Sale of goods:
Plantation produce 988.7 1,275.9 - -
Oil and gas 312.9 220.4 - -
Development properties 111.6 124.5 - -
Bio-diesel and refined palm products 723.4 93.8 - -
Others 48.3 26.1 - -
Construction revenue 183.3 949.4 - -
Sale of electricity 881.0 55.1 - -
Dividend income 9.9 10.3 779.6 447.0
20,019.6 18,365.8 1,417.2 1,064.6

Sale of electricity includes capacity payment amounting to RM380.4 million (2016: Nil).

7. COST OF SALES
Group Company
2017 2016 2017 2016
Restated
Cost of services and other operating costs 10,419.7 10,334.3 120.4 97.4
Cost of inventories recognised as an expense 2,187.4 1,504.0 - -
Construction cost 134.7 704.8 - -
12,741.8 12,543.1 120.4 97.4

Included in other operating costs are gaming related expenses amounting to RM2,896.3 million (2016: RM2,528.1 million) for
the Group and Nil (2016: Nil) for the Company.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 133
31 December 2017

8. REVERSAL OF PREVIOUSLY RECOGNISED IMPAIRMENT LOSSES/IMPAIRMENT LOSSES

(a) Reversal of previously recognised impairment losses

In the previous financial year ended 31 December 2016, the Group’s reversal of previously recognised impairment losses
of RM195.2 million related to the casino business in United Kingdom (“UK”), on the basis that the recoverable amounts
exceeded the carrying values.

No reversal of previously recognised impairment loss was recorded at the Company level for the financial years ended 31
December 2017 and 2016.

(b) Impairment losses

During the current financial year, the impairment losses of the Group comprised RM163.4 million relating to the casino
business in UK as set out in Notes 15 and 20, RM245.6 million on the Group’s available-for-sale financial assets, RM162.9
million on the Group’s investment in associates, RM100.7 million on property, plant and equipment and RM2.4 million on
intangible assets, on the basis that the carrying values exceeded their recoverable amounts.

During the current financial year, the Company’s impairment losses of RM311.5 million (2016: RM45.5 million) was in
relation to the investment in subsidiaries, on the basis that the carrying values exceeded its recoverable amounts, given
the challenging market condition in the current financial year.

In the previous financial year ended 31 December 2016, the impairment losses of the Group comprised RM136.7 million
on the Group’s available-for-sale financial assets, RM5.4 million on the Group’s intangible asset and RM46.1 million on
property, plant and equipment, assets classified as held for sale and investment properties, on the basis that the carrying
values exceeded their recoverable amounts.

9. PROFIT BEFORE TAXATION

Profit before taxation from operations has been determined after inclusion of the following charges and credits. The expenses
by nature of the Group are also disclosed in the charges below:

Group Company
2017 2016 2017 2016
Restated
Charges:
Depreciation of property, plant and equipment 1,818.7 1,680.2 0.9 0.9
Depreciation of investment properties 15.8 15.6 - -
Amortisation of leasehold land use rights 1.7 2.0 - -
Amortisation of intangible assets 200.6 211.6 - -
Depletion, depreciation and amortisation of rights of
use of oil and gas assets 90.2 93.7 - -
Directors’ remuneration excluding estimated monetary value of
benefits-in-kind (see Note 11) 203.4 171.8 75.5 56.9
Impairment losses on property, plant and equipment 102.7 32.7 - -
Impairment losses on investment properties - 5.0 - -
Impairment losses on intangible assets 163.8 5.4 - -
Impairment losses on available-for-sale financial assets 245.6 136.7 - -
Impairment losses on assets classified as held for sale - 8.4 - -
Impairment losses on investment in associates 162.9 - - -
Impairment losses in subsidiaries - - 311.5 45.5
Impairment losses on amounts due from subsidiaries - - 116.6 -
Inventories written off 1.3 0.4 - -
Property, plant and equipment written off 57.0 41.0 - -
Intangible assets written off - 80.1 - -
Fair value loss on financial assets at fair value through profit or loss 2.5 - - -
Net fair value loss on derivative financial instruments 42.3 93.5 4.9 -
Loss on derecognition of associate 62.5 - - -
Impairment losses and write off of receivables 168.3 804.5 - -
Amount due from an associate written off 5.4 - - -
Exchange losses – realised 151.4 115.0 - 6.8
Exchange losses – unrealised 304.8 66.8 4.4 1.4
Hire of aircraft and equipment 55.7 52.9 - -

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134 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

9. PROFIT BEFORE TAXATION (cont’d)

Group Company
2017 2016 2017 2016
Restated
Charges: (cont’d)
Rental of land and buildings 117.3 93.4 - -
Provision for onerous leases - 62.6 - -
Fair value adjustment of long term receivables 1.1 5.4 - -
Finance cost
- Interest on borrowings 946.1 651.0 - -
- Sukuk Murabahah 29.1 33.1 - -
- Other finance costs 200.0 149.3 - -
- Less: capitalised costs (172.8) (133.5) - -
- Less: interest income earned (52.3) (21.1) - -
950.1 678.8 - -
Statutory audit fees
- Payable to auditors 3.3 3.1 0.2 0.2
- Payable to member firms of an organisation which are separate and
independent legal entities from the auditors 12.1 10.7 - -
Audit related fees
- Payable to auditors 0.8 0.7 0.1 0.1
- Payable to member firms of an organisation which are separate and
independent legal entities from the auditors 2.1 1.7 - -
Expenditure paid to subsidiaries:
- Finance cost - - 180.2 181.7
- Rental of land and buildings - - 2.7 2.7
- Rental of equipment - - 1.3 2.1
- Service fees - - 1.8 3.9
Repairs and maintenance 312.9 296.3 1.6 1.2
Utilities 270.5 273.2 0.2 0.2
Legal and professional fees 144.7 181.9 1.9 6.9
Transportation costs 100.7 87.6 - -
Credits:
Interest income 886.8 1,024.5 68.4 42.2
Gain on disposal of available-for-sale financial assets 226.0 1,307.0 - -
Net gain on disposal of property, plant and equipment 31.2 127.5 - -
Gain on disposal of subsidiaries 3.5 - - -
Gain on disposal of assets and liabilities classified as held for sale 302.2 3.0 - -
Rental income from land and buildings 197.1 139.8 - -
Gain on dilution of shareholding in associate 0.1 26.4 - -
Gain on bargain purchase 2.8 - - -
Reversal of provision for onerous leases 0.3 - - -
Net surplus arising from compensation in respect of land
acquired by the Government 10.6 0.1 - -
Exchange gains – realised - 14.4 1.8 -
Exchange gains – unrealised - 263.9 - -
Reversal of previously recognised impairment losses on property,
plant and equipment and investment property - 11.2 - -
Reversal of previously recognised impairment losses on
intangible assets - 184.0 - -
Fair value gain on financial assets at fair value through profit or loss - 2.2 - -
Net fair value gain on derivative financial instruments - - - 17.2
Dividends (gross) from:
- Quoted foreign corporations 3.9 3.6 - -
- Quoted Malaysian corporations 0.2 - - -
- Unquoted Malaysian corporations 6.2 6.7 - -
Income from available-for-sale financial assets 27.6 47.1 0.8 7.6

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 135
31 December 2017

9. PROFIT BEFORE TAXATION (cont’d)

Group Company
2017 2016 2017 2016
Restated
Credits: (cont’d)
Other information:
Non-audit fees and non-audit related costs*
- Payable to auditors 0.2 0.2 - -
- Payable to member firms of an organisation which are separate
and independent legal entities from the auditors 6.4 4.9 - -

* Non-audit fees and non-audit related costs are in respect of tax related services of RM2.5 million (2016: RM2.3 million) and
financial advisory services of RM4.1 million (2016: RM2.8 million).

10. EMPLOYEE BENEFITS EXPENSE

Group Company
2017 2016 2017 2016

Wages, salaries and bonuses 3,680.4 3,441.8 88.2 79.4

Defined contribution plan 276.6 260.4 13.5 11.7
Other short-term employee benefits 453.1 481.7 2.6 2.6
Share-based payments (see note below) 80.3 77.3 - -
Provision for retirement gratuities, net (see Note 38) 63.8 31.9 16.1 3.7
4,554.2 4,293.1 120.4 97.4

Employee benefits expense, as shown above, includes the remuneration of Executive Directors.

Note: The share-based payments arose mainly from the Performance Share Scheme and Employee Share Option Scheme of the
Group’s subsidiaries, Genting Singapore and Genting Malaysia Berhad (“Genting Malaysia”), a company which is 49.3%
owned by the Company.

11. DIRECTORS’ REMUNERATION

Group Company
2017 2016 2017 2016

Non-Executive Directors:
Fees 0.6 0.6 0.6 0.6

Executive Directors:
Fees 1.1 1.1 0.4 0.4
Salaries and bonuses 134.7 120.9 52.4 46.9
Defined contribution plan 19.4 18.9 9.8 8.8
Other short-term employee benefits 0.5 0.5 - -
Share-based payments 21.8 29.1 - -
Provision for retirement gratuities 25.3 0.7 12.3 0.2
202.8 171.2 74.9 56.3
Directors’ remuneration excluding estimated monetary value
of benefits-in-kind (see Note 9) 203.4 171.8 75.5 56.9
Estimated monetary value of benefits-in-kind (not charged to
the income statements) in respect of Executive Directors 2.0 1.9 - -
205.4 173.7 75.5 56.9

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136 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

12. TAXATION

Group Company
2017 2016 2017 2016
Restated

Current taxation charge:

Malaysian taxation 347.7 357.9 142.3 133.2
Foreign taxation 671.1 370.7 - -
1,018.8 728.6 142.3 133.2
Deferred tax charge/(credit) (see Note 28) 99.7 320.0 (3.7) (0.7)
1,118.5 1,048.6 138.6 132.5
Prior years’ taxation:
Income tax over provided (49.1) (66.9) (0.1) -
1,069.4 981.7 138.5 132.5

The reconciliation between the average effective tax rate and the Malaysian tax rate is as follows:

Group Company
2017 2016 2017 2016
% % % %
Restated
Malaysian tax rate 24.0 24.0 24.0 24.0
Tax effects of:
- expenses not deductible for tax purposes 13.1 10.5 20.5 7.7
- over provision in prior years (1.1) (1.2) - -
- different tax regime (4.6) (0.4) - -
- tax incentives (4.1) (4.4) - -
- income not subject to tax (4.0) (11.5) (25.6) (14.7)
- others 1.5 1.0 - -
Average effective tax rate 24.8 18.0 18.9 17.0

Taxation is calculated at the Malaysian statutory tax rate of 24% (2016: 24%) on the estimated chargeable profit for the year
of assessment 2017.

The income tax effect of the other comprehensive (loss)/income items of the Group, which are individually not material, is a tax
credit of RM16.1 million (2016: tax expense of RM33.0 million) in the current financial year.

13. EARNINGS PER SHARE

The basic and diluted earnings per share of the Group are computed as follows:

(a) Basic earnings per share:

Basic earnings per share of the Group is calculated by dividing the profit for the financial year by the weighted average
number of ordinary shares in issue during the financial year.

2017 2016
Restated
Profit for the financial year attributable to equity holders of the Company (RM million) 1,445.3 2,120.6
Weighted average number of ordinary shares in issue (’million) 3,775.1 3,720.5
Basic earnings per share (sen) 38.28 57.00

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 137
31 December 2017

13. EARNINGS PER SHARE (cont’d)

The basic and diluted earnings per share of the Group are computed as follows: (cont’d)

(b) Diluted earnings per share:

For the diluted earnings per share calculation, the Group’s profit for the financial year is reduced by the lower consolidated
earnings from subsidiaries arising from the potential dilution of the Group’s shareholdings in those subsidiaries that have
issued potential ordinary shares that are dilutive. The weighted average number of ordinary shares in issue of the Company
is also adjusted to assume conversion of all dilutive potential ordinary shares issued by the Company.

2017 2016
Restated
Earnings adjusted as follows:
Profit for the financial year attributable to equity holders of the Company (RM million) 1,445.3 2,120.6
Net impact on earnings on potential exercise of Employees Share Options and Performance
Share Scheme awarded to executives of the Company’s subsidiaries and warrants issued to
shareholders of the Company’s subsidiary (RM million) (0.9) (1.1)
Adjusted earnings for the financial year (RM million) 1,444.4 2,119.5

Weighted average number of ordinary shares adjusted as follows:

Weighted average number of ordinary shares in issue (’million) 3,775.1 3,720.5

Adjustment for potential conversion of warrants of the Company (’million) 64.3 21.9
Adjusted weighted average number of ordinary shares in issue (’million) 3,839.4 3,742.4
Diluted earnings per share (sen) 37.62 56.63

14. DIVIDENDS

Dividends recognised as distribution to ordinary equity holders of the Company:

Group/Company
2017 2016
Gross Amount Gross Amount
dividend of dividend, dividend of dividend,
per share net of tax per share net of tax
Sen RM million Sen RM million
Special dividends paid in respect of previous
financial year 6.5 242.0 - -
Final dividends paid in respect of previous
financial year 6.0 226.6 3.5 130.3
Interim dividends paid in respect of current
financial year 8.5 324.3 - -
21.0 792.9 3.5 130.3

A special single-tier dividend of 7.0 sen (2016: 6.5 sen) per ordinary share in respect of the current financial year has been
declared for payment to shareholders registered in the Register of Members on 14 March 2018. The special single-tier dividend
shall be paid on 3 April 2018. Based on the issued and paid-up capital of the Company as at 31 December 2017, the special
single-tier dividend would amount to RM267.8 million (2016: RM242.0 million). The special single-tier dividend has not been
recognised in the Statement of Changes in Equity as it was declared subsequent to the financial year end.

At the forthcoming Annual General Meeting, a final single-tier dividend in respect of the financial year ended 31 December
2017 of 6.0 sen (2016: 6.0 sen) per ordinary share amounting to RM229.5 million (2016: RM226.6 million) will be proposed
for shareholders’ approval. These financial statements do not reflect this final single-tier dividend which will be accrued as a
liability upon approval by shareholders.

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138 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

15. PROPERTY, PLANT AND EQUIPMENT

Buildings Plant, Aircrafts, sea

2017 Freehold Leasehold and equipment vessels and Construction Bearer
Group lands lands improvements and vehicles improvements in progress plants Total

Net Book Value:

At 1 January 2017, as
previously reported 1,959.2 2,683.2 14,768.9 8,359.9 454.8 4,441.6 - 32,667.6
Effect of change in
accounting policy - - - - - - 2,116.0 2,116.0
At 1 January 2017, as
restated 1,959.2 2,683.2 14,768.9 8,359.9 454.8 4,441.6 2,116.0 34,783.6
Additions (including
capitalised interest) 0.4 124.2 142.0 788.1 288.0 2,262.9 209.9 3,815.5
Disposals (0.1) - (24.0) (6.6) - (0.4) (0.3) (31.4)
Written off - - (15.0) (37.8) - (3.9) (0.3) (57.0)
Depreciation charged for
the financial year - (62.3) (465.4) (1,166.0) (40.2) - (84.8) (1,818.7)
Assets of subsidiary
acquired - - 18.5 33.0 - 40.4 534.8 626.7
Transfer from/(to):
- Investment
properties
(see Note 17) - - (1.1) - - (0.1) - (1.2)
- Assets classified as
held for sale (see
Note 32) - - (26.5) (8.2) (39.3) - - (74.0)
Depreciation and
amortisation capitalised
on bearer plants:
- Leasehold land use
rights (see Note 19) - - - - - - 0.3 0.3
- Other assets - (0.4) (6.1) (4.0) - - 10.5 -
Reclassification - 0.5 1,451.1 1,256.7 - (2,708.3) - -
Impairment losses (1.2) (0.9) (15.5) (30.7) (54.4) - - (102.7)
Cost adjustments 0.9 1.5 1.9 (3.7) (0.2) 2.7 - 3.1
Foreign exchange
differences (103.3) (47.9) (326.3) (150.3) (10.8) (118.6) (158.2) (915.4)
At 31 December 2017 1,855.9 2,697.9 15,502.5 9,030.4 597.9 3,916.3 2,627.9 36,228.8

At 31 December 2017:
Cost or valuation 1,857.1 3,152.1 19,442.3 19,561.8 725.6 3,916.3 3,187.8 51,843.0
Accumulated depreciation - (451.8) (3,808.5) (10,434.4) (102.1) - (559.9) (15,356.7)
Accumulated impairment
losses (1.2) (2.4) (131.3) (97.0) (25.6) - - (257.5)
Net book value 1,855.9 2,697.9 15,502.5 9,030.4 597.9 3,916.3 2,627.9 36,228.8

Comprising at
31 December 2017
Cost 1,598.1 3,109.4 19,246.8 19,550.4 725.6 3,916.3 3,187.8 51,334.4
At valuation:
- 1981 46.6 - - - - - - 46.6
- 1982 8.8 - 76.7 2.9 - - - 88.4
- 1983 105.1 - 2.3 - - - - 107.4
- 1986 - - - 8.5 - - - 8.5
- 1989 83.3 - 115.8 - - - - 199.1
- 1991 - 34.0 0.7 - - - - 34.7
- 1995 - 8.7 - - - - - 8.7
- 1996 15.2 - - - - - - 15.2
1,857.1 3,152.1 19,442.3 19,561.8 725.6 3,916.3 3,187.8 51,843.0

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 139
31 December 2017

15. PROPERTY, PLANT AND EQUIPMENT (cont’d)

Buildings Plant, Aircrafts, sea

2016 Freehold Leasehold and equipment vessels and Construction Bearer
Group lands lands improvements and vehicles improvements in progress plants Total

Net Book Value:

At 1 January 2016, as
previously reported 1,985.0 2,704.1 13,782.8 8,324.7 655.4 3,687.4 - 31,139.4
Effect of change in
accounting policy - - - - - - 1,824.1 1,824.1
At 1 January 2016, as
restated 1,985.0 2,704.1 13,782.8 8,324.7 655.4 3,687.4 1,824.1 32,963.5
Additions (including
capitalised interest) 0.5 5.6 227.5 518.2 39.8 2,930.3 187.6 3,909.5
Disposals (1.7) - (5.9) (22.5) (255.8) - (9.6) (295.5)
Written off - - (10.8) (27.2) (0.4) (1.2) (1.4) (41.0)
Depreciation charged for
the financial year - (43.8) (433.3) (1,094.1) (29.2) - (79.8) (1,680.2)
Assets of subsidiaries
acquired - - 3.8 0.3 - 0.3 120.7 125.1
Transfer from/(to):
- Investment properties
(see Note 17) - - (39.4) (0.4) - (34.1) - (73.9)
- Leasehold land use
rights (see Note 19) - - - 0.4 - - 0.8 1.2
- Intangible assets
(see Note 20) - - - - - 0.7 - 0.7
Depreciation and
amortisation capitalised
on bearer plants:
- Leasehold land use
rights (see Note 19) - - - - - - 0.6 0.6
Reclassification - - 1,410.7 715.6 68.2 (2,201.8) 7.3 -
Impairment losses - - (17.1) (15.2) (0.4) - - (32.7)
Reversal of impairment
losses - - 11.2 - - - - 11.2
PPA adjustments
(see note (b) below) (46.8) - - - - - - (46.8)
Cost adjustments - (7.5) (15.7) (10.9) - (3.8) - (37.9)
Foreign exchange
differences 22.2 24.8 (144.9) (29.0) (22.8) 63.8 65.7 (20.2)
At 31 December 2016 1,959.2 2,683.2 14,768.9 8,359.9 454.8 4,441.6 2,116.0 34,783.6

At 31 December 2016:
Cost or valuation 1,959.2 3,081.8 18,315.8 18,051.8 577.5 4,441.6 2,598.3 49,026.0
Accumulated depreciation - (397.1) (3,429.8) (9,620.1) (110.0) - (482.3) (14,039.3)
Accumulated impairment
losses - (1.5) (117.1) (71.8) (12.7) - - (203.1)
Net book value 1,959.2 2,683.2 14,768.9 8,359.9 454.8 4,441.6 2,116.0 34,783.6

Comprising at
31 December 2016
Cost 1,700.2 3,039.1 18,120.3 18,040.4 577.5 4,441.6 2,598.3 48,517.4
At valuation:
- 1981 46.6 - - - - - - 46.6
- 1982 8.8 - 76.7 2.9 - - - 88.4
- 1983 105.1 - 2.3 - - - - 107.4
- 1986 - - - 8.5 - - - 8.5
- 1989 83.3 - 115.8 - - - - 199.1
- 1991 - 34.0 0.7 - - - - 34.7
- 1995 - 8.7 - - - - - 8.7
- 1996 15.2 - - - - - - 15.2
1,959.2 3,081.8 18,315.8 18,051.8 577.5 4,441.6 2,598.3 49,026.0

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140 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

15. PROPERTY, PLANT AND EQUIPMENT (cont’d)

Buildings Plant, Aircrafts, sea

2016 Freehold Leasehold and equipment vessels and Construction Bearer
Group lands lands improvements and vehicles improvements in progress plants Total
At 1 January 2016:
Cost or valuation 1,985.0 3,057.2 16,913.1 17,111.4 790.5 3,687.4 2,154.9 45,699.5
Accumulated depreciation - (351.6) (3,002.0) (8,719.6) (104.9) - (330.8) (12,508.9)
Accumulated impairment
losses - (1.5) (128.3) (67.1) (30.2) - - (227.1)
Net book value 1,985.0 2,704.1 13,782.8 8,324.7 655.4 3,687.4 1,824.1 32,963.5

Comprising at
1 January 2016
Cost 1,726.0 3,014.5 16,717.6 17,100.0 790.5 3,687.4 2,154.9 45,190.9
At valuation:
- 1981 46.6 - - - - - - 46.6
- 1982 8.8 - 76.7 2.9 - - - 88.4
- 1983 105.1 - 2.3 - - - - 107.4
- 1986 - - - 8.5 - - - 8.5
- 1989 83.3 - 115.8 - - - - 199.1
- 1991 - 34.0 0.7 - - - - 34.7
- 1995 - 8.7 - - - - - 8.7
- 1996 15.2 - - - - - - 15.2
1,985.0 3,057.2 16,913.1 17,111.4 790.5 3,687.4 2,154.9 45,699.5

Notes:

(a) During the current financial year, the Group has capitalised borrowing costs amounting to RM141.6 million (2016: RM106.7
million) on qualifying assets.

(b) In the previous financial year, Genting Malaysia Group had completed the Purchase Price Allocation (“PPA”) exercise
in respect of the acquisition of business from RAV Bahamas Limited which included land and certain properties with
restaurants in Bimini that resulted in the reduction in fair value of the land acquired by RM46.8 million.

(c) Included in the property, plant and equipment is an amount of RM1,333.4 million (2016: RM1,601.0 million) related to the
Bimini operations (“Bimini Assets”). The Group has carried out an impairment assessment on these assets in view of the
continued losses recorded since the commencement of the Bimini operations. The recoverable amount of Bimini Assets is
determined based on the value in use (“VIU”) method. Cash flow projections used in this calculation were based on financial
budgets approved by management covering an eight-year period (2016: five-year period). Cash flows beyond the eight-
year period (2016: five-year period) were extrapolated using the estimated growth rate.

Key assumptions used in the VIU calculations are as follows:

Group
2017 2016
Growth rate 2.3% 2.0%
Short term discount rate 8.4% 6.5%
Terminal value discount rate 6.7% 6.5%
Average hotel occupancy rate 72.0% 73.0%

Based on the impairment assessment, no impairment loss has been recognised for Bimini Assets (2016: Nil).

There are no reasonably possible changes in any of the key assumptions used that would cause the carrying amount of the
Bimini Assets to materially exceed the recoverable amount.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 141
31 December 2017

15. PROPERTY, PLANT AND EQUIPMENT (cont’d)

Fixed assets have been revalued by the Directors based upon valuations carried out by independent firms of professional
valuers using the fair market value basis except for assets revalued in 1991, which were based on the values determined by a
regulatory authority in connection with a restructuring exercise. The net book value of the revalued assets of the Group would
have amounted to RM223.4 million (2016: RM225.1 million) had such assets been stated in the financial statements at cost.

Certain freehold land and buildings and improvements of the casino business in the UK amounting to RM693.1 million (2016:
Nil) have been pledged as collateral for the Group’s GBP borrowings.

Property, plant and equipment with a carrying amount of approximately RM432.8 million (2016: RM422.8 million) have been
pledged as collateral as at 31 December 2017 for the USD borrowings in the Group’s power plant business and plantation
business.

Banker guarantees of SGD10.0 million (equivalent to approximately RM30.3 million) (2016: SGD10.0 million or equivalent to
approximately RM31.0 million) were obtained and held by Sentosa Development Corporation (“SDC”), as part of the conditions
in the Development Agreement entered into with SDC. These guarantees and the bank borrowings of Genting Singapore Group
are substantially secured over assets of the Singapore leisure and hospitality business segment.

Freehold Plant,
2017 buildings and equipment
Company improvements and vehicles Total
Net Book Value:
At 1 January 2017 0.1 1.9 2.0
Additions - 1.7 1.7
Depreciation (0.1) (0.8) (0.9)
At 31 December 2017 - 2.8 2.8

At 31 December 2017:
Cost 8.8 18.8 27.6
Accumulated depreciation (8.8) (16.0) (24.8)
Net book value - 2.8 2.8

2016
Company
Net Book Value:
At 1 January 2016 0.2 1.5 1.7
Additions - 1.3 1.3
Disposal - (0.1) (0.1)
Depreciation (0.1) (0.8) (0.9)
At 31 December 2016 0.1 1.9 2.0

At 31 December 2016:
Cost 8.8 18.7 27.5
Accumulated depreciation (8.7) (16.8) (25.5)
Net book value 0.1 1.9 2.0

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142 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

16. PROPERTY DEVELOPMENT ACTIVITIES

Group
2017 2016
(a) Land held for property development:
Freehold land 262.1 264.4
Development costs 122.2 114.5
384.3 378.9
At 1 January
- freehold land 264.4 258.3
- development costs 114.5 378.9 101.4 359.7
Costs incurred during the financial year
- freehold land - 7.5
- development costs 6.2 6.2 14.9 22.4
Costs transferred to property development costs (see Note 16(b))
- freehold land (2.4) (1.3)
- development costs (4.4) (6.8) (1.5) (2.8)
Costs transferred from/(to) assets classified as held for sale
- freehold land 0.1 (0.1)
- development costs 5.9 6.0 (0.3) (0.4)
At 31 December 384.3 378.9
(b) Property development costs:
Freehold land 4.2 2.7
Development costs 48.7 68.3
Accumulated costs charged to income statement (21.7) (21.0)
31.2 50.0
At 1 January
- freehold land 2.7 3.2
- development costs 68.3 141.1
- accumulated costs charged to income statement (21.0) 50.0 (53.5) 90.8
Costs incurred during the financial year
- development costs 47.6 48.8
Costs charged to income statement (44.1) (76.2)
Costs transferred from land held for property development (see Note 16(a)) 6.8 2.8
Costs transferred to inventories
- freehold land (0.9) (0.7)
- development costs (71.7) (48.0)
- accumulated costs charged to income statement 43.5 (29.1) 32.5 (16.2)
At 31 December 31.2 50.0

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 143
31 December 2017

17. INVESTMENT PROPERTIES

Group
2017 2016

Net Book Value:

At 1 January 2,099.6 2,070.7
Additions 51.2 0.3
Transfer from property, plant and equipment (see Note 15) 1.2 73.9
Depreciation charged for the financial year (15.8) (15.6)
Impairment losses - (5.0)
Derecognition of investment property (see Note 27 (v)) (41.5) -
Foreign exchange differences (129.4) (24.7)
At 31 December 1,965.3 2,099.6

At 31 December:
Cost 2,277.0 2,425.1
Accumulated depreciation (278.0) (289.3)
Accumulated impairment losses (33.7) (36.2)
Net book value 1,965.3 2,099.6

Fair value at end of the financial year 3,650.7 3,590.9

Certain investment properties within the UK business segment amounting to RM185.8 million (2016: Nil) have been pledged as
collateral for the Group’s GBP borrowings.

Fair values of the Group’s and Company’s investment properties at the end of the financial year have been determined by
independent professional valuers based on the market comparison approach that reflects the recent transaction prices for
similar properties and are within Level 2 of the fair value hierarchy, except for the Group’s investment properties in Miami,
Florida, US which have been determined by independent professional valuers based on the income approach of the respective
properties and are within Level 3 of the fair value hierarchy. The recoverable amounts of the Group’s properties at Omni Center
in the City of Miami, Florida, US were assessed together with the related goodwill arising from the acquisition of Omni Center.
The calculations require the use of estimates as set out in Note 20.

The aggregate rental income and direct operating expenses arising from investment properties of the Group that generated
rental income which was recognised during the financial year amounted to RM87.8 million and RM53.5 million (2016: RM52.7
million and RM51.5 million) respectively.

The direct operating expenses incurred from investment properties of the Group which did not generate rental income during
the financial year amounted to RM7.4 million (2016: RM6.3 million).

18. PLANTATION DEVELOPMENT

Group
2017 2016

Net Book Value:

At 1 January, as previously reported 2,513.6 2,154.9
Less : Effect of change in accounting policies (see Note 2 (d)) (2,513.6) (2,154.9)
At 1 January, as restated / At 31 December - -

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144 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

19. LEASEHOLD LAND USE RIGHTS

Group
2017 2016

Net Book Value:

At 1 January 495.8 387.1
Additions 50.4 13.0
Assets of subsidiary acquired 163.3 85.9
Disposal (43.0) -
Reclassification to property, plant and equipment (see Note 15) - (1.2)
Amortisation (1.7) (2.0)
Amortisation capitalised under property, plant and equipment (see Note 15) (0.3) (0.6)
Foreign exchange differences (23.5) 13.6
At 31 December 641.0 495.8

At 31 December:
Cost 665.2 519.6
Accumulated amortisation (24.2) (23.8)
Net book value 641.0 495.8

Leasehold land use rights of certain subsidiaries with an aggregate carrying value of RM469.1 million (2016: RM398.9 million)
are pledged as securities for borrowings.

The disposal during the financial year of RM43.0 million (2016: Nil) was related to the disposal of a subsidiary of the Genting
Plantations Group.

The Group holds land rights in Indonesia in the form of Hak Guna Usaha (“HGU”), which give the rights to cultivate land for
agricultural purposes with expiry dates between 2037 and 2044. The Group also holds other rights relating to certain plots of
land in Indonesia and the Group is at various stages of the application process in converting such rights to HGU.

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 145
31 December 2017

20. INTANGIBLE ASSETS

Intellectual
property
rights and
Casino development Other
Group Goodwill licences Licences Trademarks costs intangibles Total

Net Book Value:

At 1 January 2017 988.8 2,506.8 2,826.7 77.3 - 127.8 6,527.4
Foreign exchange differences (33.5) (11.2) (238.3) (0.4) - (5.5) (288.9)
Additions - - - - - 33.9 33.9
Amortisation - (68.5) (124.5) - - (7.6) (200.6)
Adjustments (see note (a) Goodwill-
Indonesia (ii) below) (4.2) - - - - - (4.2)
Impairment losses - (161.4) - - - (2.4) (163.8)
At 31 December 2017 951.1 2,265.7 2,463.9 76.9 - 146.2 5,903.8
At 31 December 2017:
Cost 2,363.0 2,845.6 3,128.9 76.9 - 229.5 8,643.9
Accumulated amortisation - (127.0) (659.9) - - (46.6) (833.5)
Accumulated impairment losses (1,411.9) (452.9) (5.1) - - (36.7) (1,906.6)
Net book value 951.1 2,265.7 2,463.9 76.9 - 146.2 5,903.8

Net Book Value:

At 1 January 2016 1,027.2 2,554.9 2,788.4 89.6 112.0 94.5 6,666.6
Foreign exchange differences 1.4 (371.1) 93.2 (12.3) - 1.8 (287.0)
Additions - 204.3 34.1 - - 38.7 277.1
Written off - - - - (93.4) - (93.4)
Amortisation - (65.3) (121.2) - (18.6) (6.5) (211.6)
Reversal of previously recognised
impairment losses - 184.0 - - - - 184.0
Transfer to property, plant and
equipment (see Note 15) - - - - - (0.7) (0.7)
PPA adjustments (see note (a) (ii)
below) (39.8) - 37.6 - - - (2.2)
Impairment losses - - (5.4) - - - (5.4)
At 31 December 2016 988.8 2,506.8 2,826.7 77.3 - 127.8 6,527.4
At 31 December 2016:
Cost 2,413.1 2,863.6 3,423.9 77.3 - 205.2 8,983.1
Accumulated amortisation - (61.4) (592.0) - - (40.7) (694.1)
Accumulated impairment losses (1,424.3) (295.4) (5.2) - - (36.7) (1,761.6)
Net book value 988.8 2,506.8 2,826.7 77.3 - 127.8 6,527.4

The other intangible assets comprised software development, patents and research and development costs.

Included in the licences is an amount of RM2,362.6 million (2016: RM2,701.0 million) which has been pledged as collateral for
the Genting Malaysia Group’s USD borrowing.

The intellectual property rights in the previous financial year represented the fair value of genomic data arising from the
Genting Plantations Group’s acquisition of the remaining 50% equity interest in ACGT Intellectual Limited in 2010.

The intellectual property development costs in the previous financial year comprised expenditure incurred on intellectual
property development relating to the use of genomics-based techniques and other methods or tools thereof to increase the
yields and profit streams principally from oil palm and other crops. The expenditure incurred on these intellectual property
development represents mainly payments made in respect of the genome sequencing data received by Genting Plantations
Group for the research and development activities in the area of genomics.

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146 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

20. INTANGIBLE ASSETS (cont’d)

Both the intellectual property development costs and intellectual property rights had been written off in the previous financial
year in view that the recoverable amount, based on the impairment assessment, was below the carrying amount of the intangible
assets and other related assets.

(a) Impairment tests for goodwill and other intangible assets with indefinite useful lives

Goodwill and other intangible assets with indefinite useful lives are allocated to the Group’s cash-generating units (“CGU”)
identified according to geographical area and business segments.

A segment-level summary of the Group’s net book value of goodwill and other intangible assets with indefinite useful lives
allocation is as follows:

2017 2016
Group
Goodwill – leisure and hospitality segment:
Malaysia 277.1 277.1
United Kingdom 27.4 27.5
United States of America 42.0 49.9
Singapore 379.3 386.4

Goodwill – others:
United Kingdom – investment and others segment 82.1 86.1
Indonesia – plantation and oil and gas segment 143.2 161.8
Intangible assets other than goodwill:
United Kingdom – leisure and hospitality segment
- casino licences 2,192.4 2,363.9
- trademarks 73.7 74.0
Isle of Man
- trademarks 3.2 3.3

Goodwill – Malaysia

The impairment test for goodwill relating to the Malaysia CGU was assessed using the VIU method. Cash flow projections
used in this calculation were based on financial budgets approved by management covering a three-year period. Cash flows
beyond the three-year period were extrapolated using the estimated growth rate stated below. The growth rate did not
exceed the long-term average growth rate for the leisure & hospitality industry in which the CGU operates.

Key assumptions used in the VIU calculation for 2017 include a growth rate and discount rate of 1.0% and 10.2% (2016: 1.0%
and 9.4%) respectively.

Based on the impairment assessment, no impairment is required for goodwill attributed to the Malaysia CGU.

There are no reasonably possible changes in any of the key assumptions used that would cause the carrying amount of this
CGU to materially exceed the recoverable amount.

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS
20. INTANGIBLE ASSETS (cont’d)
Goodwill and other intangible assets– UK
(i) Goodwill and other intangible assets with indefinite
useful lives – casino business in UK
Goodwill and other intangible assets with indefinite
useful lives that have been allocated to leisure
and hospitality segment in UK were tested for
impairment. Goodwill is allocated to the UK
segment for the purpose of impairment review. The
casino licences, considered to have indefinite useful
lives, are assigned to smaller CGUs for the purposes
of impairment review.
The recoverable amounts of goodwill, casino
licences and trademarks in the UK were determined
based on the higher of FVLCTS and VIU. Estimates of
fair value on property assets have been determined
by an independent professional valuer. VIU has been
calculated using cash flow projections covering a
five-year period. The average EBITDA of the past
three years, current year and 2018 budget approved
by the Board of Directors are used as a proxy to
forecast the 2018 base year cash flows for each
CGU. Cash flows beyond the five-year period were
extrapolated using the estimated growth rate.
Key assumptions used for VIU calculations include:
Leisure and hospitality
2017 2016
Growth rate 2.00% 2.00%
Discount rate 7.75% 10.00%
The growth rate did not exceed the long-term
average growth rate for the leisure and hospitality
industry in which the CGUs operate and is consistent
with the forecasts included in industry reports.
Based on the above impairment assessment, the
Group recorded impairment losses of RM161.4
million (2016: reversal of previously recognised
impairment losses of RM184.0 million) on casino
licences and RM2.0 million (2016: reversal of
previously recognised impairment losses of RM11.2
million) on property, plant and equipment in respect
of certain CGUs on the basis that the carrying
values exceeded recoverable amounts based on VIU
method.
If the growth rate is reduced to 1.75% (2016: 1.75%)
and all other variables including tax rate are being
held constant, the impairment loss of intangible
assets and property, plant and equipment will
increase by RM67.0 million (2016: recoverable
amount remained unchanged as the determined
FVLCTS is higher than VIU).
If the discount rate is 0.25% (2016: 1%) higher and
all other variables including tax rate are being held
constant, the impairment loss of intangible assets
and property, plant and equipment will increase
by RM65.4 million (2016: recoverable amount
remained unchanged as the determined FVLCTS is
higher than VIU).
(cont’d) 147
31 December 2017
(ii) Goodwill and online gaming licence with definite
useful lives – Acquisition of Genting Alderney by
Genting Malaysia Group
In the previous financial year, the Group completed
the PPA exercise in respect of the acquisition of
Genting Alderney which resulted in an increase in
the carrying amount of intangible assets (i.e. online
gaming license) by RM37.6 million (GBP5.8 million)
and a corresponding decrease in goodwill of the
same amount. The remaining goodwill of RM2.2
million (GBP0.4 million) arising from the finalisation
of PPA has been written off to profit or loss in 2016.
(iii) Goodwill – Acquisition of DNAe Group Holdings
Limited (“DNAe Group”)
The impairment test for goodwill relating to the
acquisition of DNAe Group amounting to RM42.6
million was assessed using the VIU method. Cash
flow projections used in this calculation were based
on financial budgets approved by management
covering a twelve-year period in consideration of its
nature of the business in research and development
which requires a longer period. Cash flows beyond
the twelve-year period were extrapolated using the
estimated growth rate stated below.
Key assumptions used in the VIU calculation include
a growth rate and discount rate of 1.0% and 30%
(2016: 1.0% and 30%) respectively.
Based on the impairment assessment, no
impairment is required for goodwill attributed to the
acquisition of DNAe Group.
There are no reasonably possible changes in any
of the key assumptions used that would cause the
carrying amount of this CGU to materially exceed
the recoverable amount.
(iv) Goodwill – Acquisition of DNA Electronics, Inc (“DNA
Electronics”)
The impairment test for goodwill relating to the
acquisition of DNA Electronics amounting to RM43.5
million was assessed using the VIU method. Cash
flow projections used in this calculation were based
on financial budgets approved by management
covering a twelve-year period in consideration of its
nature of the business in research and development
which requires a longer period. Cash flows beyond
the twelve-year period were extrapolated using the
estimated growth rate stated below.
Key assumptions used in the VIU calculation include
a growth rate and discount rate of 1.0% and 30%
(2016: 1.0% and 30%) respectively.
Based on the impairment assessment, no
impairment is required for goodwill attributed to the
acquisition of DNA Electronics.
There are no reasonably possible changes in any
of the key assumptions used that would cause the
carrying amount of this CGU to materially exceed
the recoverable amount.
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148 NOTES TO THE FINANCIAL STATEMENTS
31 December 2017
20. INTANGIBLE ASSETS (cont’d)
Goodwill – United States of America (“US”)
The goodwill attributable to the US CGU arose from the
acquisition of Omni Center in the City of Miami, Florida,
US.
The Group has engaged an independent professional
valuer to carry out a formal valuation of Omni Center,
which includes a hotel, retail shops and office building
in 2017. The recoverable amounts of the Omni Center
were determined based on the FVLCTS of the respective
properties using the income approach and are within
Level 3 of the fair value hierarchy. Key assumptions
used include growth rates of 3.0% to 6.4% (2016: 3.0%
to 5.4%) and discount rates of 17.5% to 23.8% (2016:
12.3% to 23.7%). Based on the impairment assessment,
no impairment is required for goodwill attributed to the
US CGU.
There are no reasonably possible changes in any of the
key assumptions used that would cause the carrying
amount of this CGU to materially exceed the recoverable
amount.
Goodwill – Singapore
The goodwill attributed to the Singapore CGU mainly
arose from the acquisition of 25% equity interest in
Resorts World at Sentosa Pte. Ltd. (“RWSPL”) which has
developed the first integrated resort in Singapore. The
impairment test for goodwill relating to the Singapore
CGU was assessed using the VIU method. Cash flow
projections used in this calculation were based on
financial budgets approved by management. The cash
flow projection covers a five-year period. Cash flows
beyond the five-year period were extrapolated using
the estimated growth rate stated below. The growth
rate did not exceed the long-term average growth rate
for the leisure and hospitality industry in which the CGU
operates.
Key assumptions used in the VIU calculation for 2017
include a growth rate and discount rate of 2.00% and
6.24% (2016: 1.00% and 6.88%) respectively.
Based on the impairment assessment, no impairment is
required for goodwill attributed to the Singapore CGU.
A reasonably possible change in a key assumption on
which management has based its determination of the
CGU’s recoverable amount would not cause its carrying
amount to exceed its recoverable amount.
GENTING BERHAD | ANNUAL REPORT 2017
(cont’d)
Goodwill – Indonesia
(i) Acquisition of AsianIndo Holdings Pte Ltd (“AIH”)
Goodwill arose in 2010 when the Genting
Plantations Group increased its equity interest from
60% to 77% in a subsidiary of Genting Plantations,
AIH. This goodwill represents the excess of the
purchase consideration over the incremental share
of net assets, which was based on the then existing
Genting Plantations Group’s carrying amounts,
instead of fair values of the net assets in AIH when
the additional equity interest was acquired.
The impairment test for goodwill was based on the
most recent transacted prices of plantation lands in
Indonesia. Based on the impairment assessment,
there is no indication of impairment for the goodwill
attributed to the plantation lands in Indonesia.
(ii) Acquisition of PT Varita Majutama (“PTVM”)
Goodwill arose from the acquisition of 95% equity
interest in PTVM which was completed on 18 July
2014. During the current financial year, PTVM
participated in the Indonesian Government’s tax
amnesty programme which resulted an increase in
the net assets by RM4.2 million and a corresponding
decrease in goodwill of the same amount. The
impairment of goodwill was assessed collectively
with exploration costs (see Note 21) as the
acquisition of PTVM was in relation to the Group’s
oil and gas activities.
(b) Licences with definite useful lives
Included in licences as at 31 December 2017 is an amount
of RM26.9 million (2016: RM30.4 million) related to
casino licences of Bimini operations. The Group carried
out the impairment assessment of the casino licences
together with the Bimini Assets as disclosed in Note
15(c).
All the above impairment assessments are based on past
performance, management’s expectations for the future and
external sources where applicable.
 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 149
31 December 2017

21. RIGHTS OF USE OF OIL AND GAS ASSETS

Production
wells, related
2017 Exploration Rights and equipment and
Group costs concessions facilities Total

Cost:
At 1 January 2017, as previously reported 3,802.1 817.8 339.5 4,959.4
Effects of change in accounting policy (605.2) - - (605.2)
At 1 January 2017, as restated 3,196.9 817.8 339.5 4,354.2
Additions 30.2 - 0.7 30.9
Written off (7.4) - - (7.4)
Adjustments (see note below) - - (39.4) (39.4)
Foreign exchange differences (282.8) (72.4) (30.1) (385.3)
At 31 December 2017 2,936.9 745.4 270.7 3,953.0

Depletion, depreciation and amortisation:

At 1 January 2017 - (156.6) (127.9) (284.5)
Charge for the financial year - (51.3) (38.9) (90.2)
Foreign exchange differences - 16.5 13.3 29.8
At 31 December 2017 - (191.4) (153.5) (344.9)
Net book value:
As at 31 December 2017 2,936.9 554.0 117.2 3,608.1
2016
Group
(Restated)

Cost:
At 1 January 2016, as previously reported 3,617.9 787.5 229.4 4,634.8
Effects of change in accounting policy (577.0) - - (577.0)
At 1 January 2016, as restated 3,040.9 787.5 229.4 4,057.8
Additions 38.8 - 101.2 140.0
Foreign exchange differences 117.2 30.3 8.9 156.4
At 31 December 2016 3,196.9 817.8 339.5 4,354.2

Depletion, depreciation and amortisation:

At 1 January 2016 - (101.4) (75.2) (176.6)
Charge for the financial year - (47.6) (46.1) (93.7)
Foreign exchange differences - (7.6) (6.6) (14.2)
At 31 December 2016 - (156.6) (127.9) (284.5)
Net book value:
As at 31 December 2016 3,196.9 661.2 211.6 4,069.7
As at 1 January 2016 3,040.9 686.1 154.2 3,881.2

Note:
Adjustments were due to changes in estimates for asset retirement obligations and accrued capital expenditure finalised in
current financial year.

Exploration costs comprise of drilling and pre-development costs for Kasuri block in Indonesia. These costs remain capitalised
as the Group is committed to continue exploring and developing these interests.

Included in production wells, related equipment and facilities is work in progress amounting to RM4.3 million (2016: RM55.6
million).

ANNUAL REPORT 2017 | GENTING BERHAD

150 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

21. RIGHTS OF USE OF OIL AND GAS ASSETS (cont’d)

Rights of use of oil and gas assets with a carrying amount of approximately RM591.7 million (2016: RM785.5 million) have been
pledged as collateral as at 31 December 2017 for the USD borrowing in the Group’s oil and gas business.

Rights of use of oil and gas assets for Kasuri block of RM3,016.4 million (2016: RM3,889.3 million) has been allocated into two
Cash Generating Units (“CGU”) – Asap, Merah and Kido fields (“AMK CGU”) and other fields (“Others CGU”). The recoverable
amount of AMK CGU was assessed based on the VIU method. VIU has been calculated using discounted cash flow projections
based on the proposed structures as outlined in the Plan of Development submitted to the relevant Indonesian authority in
2016. Key assumptions used for the cash flow projections include a projected gas price, escalated at 2.0% (2016: 2.5%) per
annum, a discount rate of 8.5% (2016: 8.7%) and gas production profile based on independent oil and gas reserve experts.
Based on the impairment assessment, no impairment is required for AMK CGU.

The calculation of VIU from the discounted cash flow projections is sensitive to the assumptions set out above. If the gas price
is reduced by 14.1% or the discount rate is increased by 1.5%, the VIU will approximate the carrying amount for the AMK CGU.

Others CGU together with the goodwill which arose from the acquisition of a 95% equity interest in PTVM were assessed
collectively in accordance with FRS 106 “Exploration for and Evaluation of Mineral Resources”. Based on the assessment, there
is no impairment indicator as at 31 December 2017 as the Group continues to carry out its exploration and evaluation works in
this CGU.

22. SUBSIDIARIES

Company
2017 2016
Investment in subsidiaries:
Quoted shares in Malaysia – at cost 803.2 803.2
Unquoted shares – at cost 14,137.7 13,897.2
14,940.9 14,700.4
Less: Accumulated impairment losses (654.5) (343.0)
14,286.4 14,357.4
Market value of quoted shares 19,946.3 17,151.8

Amounts due from subsidiaries are unsecured and comprise:

Current:
Interest free 183.0 275.4
Less: Accumulated impairment losses (116.6) -
66.4 275.4

Non-current:
Interest free 68.7 68.7
135.1 344.1
Amounts due to subsidiaries are unsecured and comprise:
Current:
Interest bearing - 99.1
Interest free 62.5 56.4
62.5 155.5
Non-current:
Interest bearing 3,592.8 3,592.5
3,655.3 3,748.0

The subsidiaries are listed in Note 45.

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS
22. SUBSIDIARIES (cont’d)
(a) The market values of quoted shares are traded in an
active market and are within Level 1 of the fair value
hierarchy.
(b) Apart from the interest free portion of the amounts due
from subsidiaries classified as non-current which are
considered as part of the Company’s net investment in
its subsidiaries, the carrying value of other interest free
and interest bearing amounts due from/to subsidiaries
which have no fixed repayment terms and classified as
current approximate their fair values.
There was no interest bearing amounts due from
subsidiaries as at 31 December 2017 (2016: Nil).
Included in the interest bearing amounts due to
subsidiaries are loans obtained by the Company from
the following subsidiaries:
(i) RM1.45 billion loan from GB Services Berhad,
a wholly owned subsidiary of the Company on
12 November 2009. The loan bears an effective
interest rate of 5.3% (2016: 5.3%) per annum.
The entire principal amount of the loan shall be
repaid by 8 November 2019 provided always that
the entire principal amount or any portion thereof,
and any accrued and unpaid interest thereon shall
be immediately due and payable upon the earlier
of (i) 8 November 2019; or (ii) request(s) from GB
Services Berhad for early prepayment of the loan or
any portions thereof; or (iii) the acceleration of the
loan.
(ii) RM0.5 billion loan from Genting Capital Berhad,
a wholly owned subsidiary of the Company on 8
June 2012. The loan bears an effective interest
rate of 4.42% (2016: 4.42%) per annum. The entire
principal amount of the loan shall be repaid by 8
June 2022 provided always that the entire principal
amount or any portion thereof, and any accrued and
unpaid interest thereon shall be immediately due
and payable upon the earlier of (i) 8 June 2022; or
(ii) request(s) from Genting Capital Berhad for early
prepayment of the loan or any portions thereof; or
(iii) the acceleration of the loan.
(iii) RM1.5 billion loan from Genting Capital Berhad,
a wholly owned subsidiary of the Company on 8
June 2012. The loan bears an effective interest
rate of 4.86% (2016: 4.86%) per annum. The entire
principal amount of the loan shall be repaid by 8
June 2027 provided always that the entire principal
amount or any portion thereof, and any accrued and
unpaid interest thereon shall be immediately due
and payable upon the earlier of (i) 8 June 2027; or
(ii) request(s) from Genting Capital Berhad for early
prepayment of the loan or any portions thereof; or
(iii) the acceleration of the loan.
(cont’d) 151
31 December 2017
(iv) Foreign currency short term time loan from Suasana
Duta Sdn Bhd, a wholly owned subsidiary of the
Company. The total outstanding loan has been
fully repaid during the current financial year (2016:
RM99.1 million). In the previous financial year, the
loan bears an effective interest rate of 1.08% per
annum.
Fair value of the interest bearing amounts due to
subsidiaries as at 31 December 2017 was RM3,616.6
million (2016: RM3,624.4 million). The fair values
have been estimated from the prospective market
participants that hold similar borrowings and are within
Level 2 of the fair value hierarchy.
(c) As at 31 December 2017, the Company’s percentage
shareholding in Genting Malaysia was 49.3% (2016:
49.3%).
Genting Malaysia’s financial results are consolidated with
those of the Company as its subsidiary notwithstanding
the Company’s shareholding of less than 50% in Genting
Malaysia. The Company is the single largest shareholder
of Genting Malaysia with all other shareholders having
dispersed shareholding, and has consistently and
regularly held a majority of the voting rights exercised
at Genting Malaysia’s general meetings, and no other
shareholder directly or indirectly controls a higher
share of voting rights than the Company. In addition, the
Company has control over Genting Malaysia by virtue
of the ability to manage the financial and operating
policies of Genting Malaysia’s principal asset, Resorts
World Genting, pursuant to an agreement between one
of the Company’s wholly owned subsidiaries and Genting
Malaysia.
(d) During the current financial year, the Company
subscribed to 11,213 Convertible, Non-Cumulative
Irredeemable Preference Shares issued by its wholly
owned subsidiary, Genting Energy Limited, which
amounted to RM49.9 million.
(e) During the current financial year, the Company
subscribed to 45,079,000 Convertible, Non-Cumulative
Irredeemable Preference Shares issued by its wholly
owned subsidiary, Genting Genomics Limited, which
amounted to RM190.6 million.
ANNUAL REPORT 2017 | GENTING BERHAD
152 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

22. SUBSIDIARIES (cont’d)

(f) Summarised financial information on subsidiaries with material non-controlling interests

Set out below are the summarised financial information for each subsidiary that has non-controlling interests that are
material to the Group. The financial information is based on amounts before inter-company eliminations.

2017 Genting Genting Genting

Summarised financial information Singapore Malaysia Plantations
Statements of Financial Position:
Current assets 12,555.3 7,059.1 2,755.3
Non-current assets 16,589.9 22,909.3 5,713.9
Current liabilities (2,627.8) (3,252.0) (1,009.0)
Non-current liabilities (3,941.2) (7,574.6) (2,890.7)
Net assets 22,576.2 19,141.8 4,569.5
Accumulated non-controlling interests of the Group at
the end of the reporting year 10,904.6 9,723.4 2,297.2
Income Statements:
Revenue for the financial year 7,450.1 9,328.7 1,804.3
Profit for the financial year 2,134.7 1,071.0 344.8
Total comprehensive income for the financial year 2,094.7 340.5 171.5
Profit for the financial year attributable to
non-controlling interests of the Group 883.1 435.9 169.9
Statements of Cash Flows:
Cash inflows from operating activities 3,810.1 2,154.8 596.0
Cash inflows/(outflows) from investing activities 1,386.0 (2,280.6) (813.8)
Cash (outflows)/inflows from financing activities (8,417.9) 1,441.9 207.5
Net (decrease)/increase in cash and cash equivalents (3,221.8) 1,316.1 (10.3)
Dividend paid to non-controlling interests of the Group 516.2 502.7 97.5

Genting
Genting Genting
2016 Plantations
Singapore Malaysia
Summarised financial information (Restated)
Statements of Financial Position:
Current assets 18,079.5 6,129.2 2,513.0
Non-current assets 17,349.7 21,765.2 4,962.5
Current liabilities (1,958.1) (4,031.7) (457.1)
Non-current liabilities (3,972.6) (4,117.3) (2,482.1)
Net assets 29,498.5 19,745.4 4,536.3
Accumulated non-controlling interests of
the Group at the end of the reporting year 10,748.6 10,151.9 2,263.0
Income Statements:
Revenue for the financial year 6,691.9 8,931.6 1,480.1
Profit for the financial year 1,155.0 2,800.7 327.5
Total comprehensive income for the financial year 1,156.2 1,063.9 361.7
Profit for the financial year attributable to
non-controlling interests of the Group 377.1 1,419.5 150.3
Statements of Cash Flows:
Cash inflows from operating activities 3,605.4 2,409.4 375.3
Cash outflows from investing activities (836.1) (1,306.8) (529.4)
Cash outflows from financing activities (3,033.8) (736.5) (25.1)
Net (decrease)/increase in cash and cash equivalents (264.5) 366.1 (179.2)
Dividend paid to non-controlling interests of the Group 525.5 209.7 21.6

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 153
31 December 2017

23. JOINT VENTURES

Group
2017 2016
Unquoted:
Shares in foreign corporations 1,056.8 1,091.9
Shares in a Malaysian companies 1.1 1.1
Group’s share of post acquisition reserves 157.4 193.3
Less: Accumulated impairment losses (1.5) (1.5)
1,213.8 1,284.8

Amounts due from joint ventures 291.3 301.7

Amounts due to joint ventures (112.4) (128.0)
Less: Balance included in other non-current assets (see Note 27) (287.1) (297.9)
Balance included in current assets (4.2) (3.8)
Balance included in current liabilities 112.4 128.0
- -
1,213.8 1,284.8

The joint ventures are listed in Note 45.

The amounts due from joint ventures included in current assets are unsecured, interest free and are receivable within the next
twelve months. The non-current amounts due from joint ventures represent an unsecured and interest free loan to a joint
venture which is repayable in 2019 and the balance of purchase price receivable from the sale of land to Genting Simon Sdn Bhd
(“Genting Simon”) by Genting Property Sdn Bhd, a wholly owned subsidiary of Genting Plantations.

The following table summarises, in aggregate, the financial information of all individually immaterial joint ventures that are
accounted for using the equity method:

All Joint Ventures

2017 2016

Carrying amount at 31 December 1,213.8 1,284.8

Share of profit/(loss) from continuing operations 38.8 (5.3)

Share of other comprehensive (loss)/income (9.1) 4.1
Share of total comprehensive income/(loss) 29.7 (1.2)

There are no contingent liabilities relating to the Group’s interest in joint ventures at the reporting date (2016: Nil).

24. ASSOCIATES

Group
2017 2016
Unquoted - at cost:
Shares in foreign corporations 662.0 659.5
Shares in Malaysian companies 2.1 2.1
Group’s share of post acquisition reserves 212.5 361.7
Less: Accumulated impairment losses (156.4) -
720.2 1,023.3

Amounts due from associates 1.1 7.0

Less: Balance included in current assets (1.1) (7.0)
- -
720.2 1,023.3

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154 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

24. ASSOCIATES (cont’d)

The associates are listed in Note 45.

The amounts due from/to associates represent outstanding amounts arising from trade transactions and advances and
payments made on behalf of associates, are unsecured, interest free and repayable on demand.

During the current financial year, the Group has impaired its investment in associate, Lanco Kondapalli Power Limited (“Lanco
Kondapalli”) due to the adverse performance of its power plant for a prolonged period and a life sciences associated company
which is in the process of being wound up.

In November 2017, Lanco Kondapalli carried out a debt restructuring exercise to convert its debt into equity shares. Upon
completion of this debt restructuring exercise, the Group’s shareholding in Lanco Kondapalli has reduced from 31.9% to 15.3%.
Subsequent to the debt restructuring, Lanco Kondapalli ceased to be an associate and was reclassified as available-for-sale
financial asset.

The following table summarises, in aggregate, the financial information of all individually immaterial associates that are
accounted for using the equity method:

All Associates
2017 2016

Carrying amount at 31 December 720.2 1,023.3

Share of loss from continuing operations (85.9) (111.1)

Share of other comprehensive (loss)/income (47.3) 18.7
Share of total comprehensive loss (133.2) (92.4)

There are no contingent liabilities relating to the Group’s interest in associates at the reporting date (2016: Nil).

25. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The carrying amounts of financial assets at fair value through profit or loss are classified as follows:

Group
2017 2016
Current
Held for trading
- Equity investments (quoted foreign corporations) 7.4 10.8

The fair values of quoted equity investments are determined by reference to the bid price on the relevant stock exchanges.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 155
31 December 2017

26. AVAILABLE-FOR-SALE FINANCIAL ASSETS

Group Company
2017 2016 2017 2016
Equity investments in foreign corporations
- Quoted 271.3 430.6 - -
- Unquoted 1,151.4 1,351.6 - -

Equity investments in Malaysian corporations

- Quoted 115.8 100.5 - -
- Unquoted 2.1 2.1 - -

Debt securities in foreign corporations

- Quoted 548.0 341.6 - -
- Unquoted 116.9 260.3 - -

Income funds in Malaysian corporation

- Unquoted 620.0 1,250.0 - 200.0
2,825.5 3,736.7 - 200.0
Analysed as follows:
Current 868.1 1,619.7 - 200.0
Non-current 1,957.4 2,117.0 - -
2,825.5 3,736.7 - 200.0

Included in the available-for-sale financial assets of the Group is a 50% equity investment of RM1 held in trust for a third party
which the Group has no beneficial interest.

The fair values of the quoted equity investments and portfolio of quoted debt securities are determined based on the quoted
market bid prices available on the relevant stock exchanges. The fair values of the unquoted debt securities are determined
based on the price traded over the counter. The income funds are redeemable at the holder’s discretion and the fair values are
based on the fair values of the underlying net assets.

The fair values of certain unquoted equity investments are determined based on the valuation techniques supported by
observable market data or past transaction prices of similar shares issued by the foreign corporations.

27. OTHER NON-CURRENT ASSETS

Group
2017 2016

Trade receivables (see note (i) below) 3,624.7 3,837.0

Promissory notes – unquoted (see note (ii) below) 1,584.1 1,395.3
Other receivables (see note (iii) below) 378.6 329.0
5,587.4 5,561.3
Amounts due from joint ventures (see Note 23) 287.1 297.9
Deposits (see note (iv) below) - 183.9
Prepayments 105.9 121.1
Finance lease receivable (see note (v) below) 39.4 -
6,019.8 6,164.2

As at 31 December 2017, there were no non-current trade and other receivables (2016: Nil) that were past due but not impaired.
These receivables are not secured by any collateral.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.

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156 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

27. OTHER NON-CURRENT ASSETS (cont’d)

Notes:
(i) Included in trade receivables of the Group is service concession receivable of RM3,624.1 million (2016: RM3,814.5 million)
in relation to the construction of the Group’s power plant in Indonesia. The amount will be recovered throughout the
concession period, commencing from the commercial operation date of the power plant on 28 March 2017. The service
concession receivable is analysed as follows:

Group
2017 2016
Non-current 3,624.1 3,814.5
Current (included in trade receivables in Note 30) 460.0 -
4,084.1 3,814.5

The Group signed a Power Purchase Agreement with PT. Perusahaan Listrik Negara (Persero) (“PLN”) on 10 July 2012. The
Group’s responsibilities under the Power Purchase Agreement comprises the design, engineering, financing, construction,
testing, commissioning, ownership, operation, management and maintenance of the 660MW coal-fired power plant in Desa
Salira, Serang, Banten (“Banten Power Plant”).

In assessing the Power Purchase Agreement, the Group has determined that it is within the scope of IC Interpretation 12
“Service Concession Arrangements” based on the following elements:

- PLN controls significant residual interest in the Banten Power Plant at the end of the Power Purchase Agreement as
the Group is required to transfer the Banten Power Plant to PLN 25 years after the commercial operation date; and

- PLN regulates the services provided, to whom the services must be provided and the price to be charged.

The Group has also determined that the concession arrangement should be accounted for under the financial assets model
as the Group’s power plant in Indonesia has a contractual right to receive a specified or determinable amount of cash from
PLN for the construction services.

(ii)
Group
2017 2016
Non-current:
Principal 1,305.6 1,280.3
Interest receivable 278.5 115.0
1,584.1 1,395.3
Current:
Interest receivable (see Note 30) - 7.6
1,584.1 1,402.9

The Genting Malaysia Group subscribed to the promissory notes (“notes”) issued by Mashpee Wampanoag Tribe (“the
Tribe”) to finance the pre-development expenses of a destination resort casino in Taunton, Massachusetts, US. The notes
carry fixed interest rates of 12% and 18% per annum (2016: 12% and 18% per annum). These notes were classified as other
non-current assets as the Genting Malaysia Group expects the notes to be recovered beyond 12 months from the end of
the reporting date.

The recoverability of the notes is dependent on the outcome of the pending legal case and/or review by the relevant
government authorities as well as any other options which allow the Tribe to have land in trust for a destination resort casino
development. This has affected the ability of the Tribe to proceed with the development, which cash flows are expected to
facilitate the repayment of the notes when the casino commences operations.

The Genting Malaysia Group has carried out impairment assessment on the recoverability of the notes based on the
probable outcome of the pending legal case and decision by the relevant government authorities as well as any other
options allowing the Tribe to have land in trust for a destination resort casino development. Based on the review of the
projected operational cash flows of the casino, the notes are expected to be fully recovered and as such, no impairment is
required for the notes.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 157
31 December 2017

27. OTHER NON-CURRENT ASSETS (cont’d)

Notes (cont’d):
(iii) Included in other receivables of the Group is an investment of RM150.0 million (2016: RM150.0 million) in unquoted
preference shares in a Malaysian corporation. The preference shares carry a cumulative, non-compounding fixed dividend
of 4% (2016: 4%) per annum and are subordinated to loan facilities undertaken by the issuer. The preference shares are
redeemable in two equal tranches on the 8th and 9th anniversary of the issue date which can be extended by the issuer.
However, the issuer may elect the following options prior to the 8th anniversary of the issue date:

(a) to extend the tenure of the preference shares by 1, 2 or 3 years from their original tenure stated above, where the
preferential dividend rate applicable during the said extended tenure shall be at the rate of 1% above the fixed
preferential dividend rate; or

(b) subject to the issuer being solvent at the time of the redemption of the preference shares, the issuer may at any time
after the date of issuance of the preference shares and before the maturity date redeem any or all of the preference
shares at the subscription price.

In the previous financial year, the issuer made an early redemption of 1,000 units of the preference shares at RM100,000
per share, totalling RM100.0 million which was fully settled by way of cash.

(iv) As at 31 December 2016, deposits of RM183.9 million related to the purchase of property, plant and equipment and have
been reclassified to property, plant and equipment during the current financial year.

(v) Genting Malaysia’s finance lease receivable arises from a lease arrangement with Genting Highlands Premium Outlets Sdn
Bhd, a wholly owned subsidiary of Genting Simon. The lease arrangement is accounted for as a finance lease in accordance
with FRS 117 “Leases”. Genting Simon is a joint venture of the Genting Plantations Group.

Group
2017 2016
Lease receivables:
Receivable within 1 to 5 years 42.3 -
Less: Unearned interest income (2.9) -
39.4 -
Present value of minimum lease payments receivable:
Receivable within 1 to 5 years 39.4 -

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158 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

28. DEFERRED TAXATION

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred tax relates to the same tax authority. The following amounts, determined after appropriate
offsetting, are shown in the statement of financial position:

Group Company
2017 2016 2017 2016
Restated
Deferred tax assets
- subject to income tax (see (i) below) 201.3 238.9 24.6 20.9

Deferred tax liabilities

- subject to income tax (2,195.9) (2,061.7) - -
- subject to Real Property Gain Tax (“RPGT”) (9.5) (9.5) - -
Total deferred tax liabilities (see (ii) below) (2,205.4) (2,071.2) - -
(2,004.1) (1,832.3) 24.6 20.9

At 1 January, as previously reported (1,786.1) (1,498.5) 20.9 20.2

Effect of change in accounting policy (46.2) (55.9) - -
At 1 January, as restated (1,832.3) (1,554.4) 20.9 20.2
(Charged)/credited to income statements (see Note 12)
- property, plant and equipment and investment
properties (76.1) (84.2) 0.2 (0.1)
- intangible assets 9.6 4.6 - -
- provisions 36.7 (46.3) 3.5 0.8
- impairment loss/(reversal of previously
recognised impairment loss) 33.6 (27.9) - -
- unutilised tax losses (91.5) (90.1) - -
- rights of use of oil and gas assets (19.6) (25.0) - -
- other non-current assets
(service concession receivable) (34.3) (121.9) - -
- others 41.9 70.8 - -
(99.7) (320.0) 3.7 0.7
Foreign exchange differences 49.6 32.9 - -
Reclassified to liabilities held for sale (see Note 32) 3.9 11.1 - -
Acquisition of subsidiaries (122.3) (1.5) - -
Others (3.3) (0.4) - -
At 31 December (2,004.1) (1,832.3) 24.6 20.9

Subject to income tax/RPGT:

(i) Deferred tax assets (before offsetting)
- property, plant and equipment 29.9 30.3 - -
- land held for property development 5.7 5.1 - -
- provisions 188.5 157.0 24.7 21.2
- tax losses 206.9 262.9 - -
- others 143.8 114.8 - -
574.8 570.1 24.7 21.2
- offsetting (373.5) (331.2) (0.1) (0.3)
Deferred tax assets (after offsetting) 201.3 238.9 24.6 20.9

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 159
31 December 2017

28. DEFERRED TAXATION (cont’d)

Group Company
2017 2016 2017 2016
Restated
Subject to income tax/RPGT (cont’d):
(ii) Deferred tax liabilities (before offsetting)
- property, plant and equipment and investment
properties (2,009.2) (1,911.4) (0.1) (0.3)
- land held for property development (5.2) (5.2) - -
- intangible assets (61.8) (98.4) - -
- rights of use of oil and gas assets (91.3) (79.7) - -
- other non-current assets (service concession
receivable) (210.8) (218.3) - -
- dividend distribution tax (1.8) (32.6) - -
- others (198.8) (56.8) - -
(2,578.9) (2,402.4) (0.1) (0.3)
- offsetting 373.5 331.2 0.1 0.3
Deferred tax liabilities (after offsetting) (2,205.4) (2,071.2) - -

The amounts of unutilised tax losses and deductible temporary differences for which no deferred tax asset is recognised in the
statement of financial position are as follows:

Group Company
2017 2016 2017 2016
Unutilised tax losses
- Expiring more than one year and not more than
five years (see note (a) below) 154.7 137.6 - -
- No expiry period (see note (b) below) 578.8 560.4 - -
733.5 698.0 - -
Property, plant and equipment (no expiry date) 291.4 244.9 - -
Provision (no expiry date) 1.8 1.8 - -
1,026.7 944.7 - -

(a) Deferred tax assets have not been recognised as the realisation of the tax benefits accruing to these tax losses is uncertain.

(b) Included in this amount are unutilised tax losses of certain subsidiaries of the Group amounting to RM318.7 million (2016:
RM305.9 million) for which deferred tax assets have not been recognised as these subsidiaries are accredited with tax
exempt pioneer status for 10 years.

The deferred tax assets recognised on unutilised tax losses mainly relate to carried forward tax losses of subsidiaries in
Indonesia to the extent that the deferred tax assets will be recoverable based on the estimated future financial performance of
the subsidiaries.

With regards to MFRS 112 “Income Taxes”, the Group will continue to recognise in profit or loss on the tax credits arising from the
Group’s unutilised Investment Tax Allowance of RM1,011.7 million (2016: RM1,026.9 million) and unutilised customised incentive
granted under the East Coast Economic Region of RM1,478.0 million (2016: RM581.0 million) as and when they are utilised.

29. INVENTORIES

Group
2017 2016

Stores and spares 251.8 260.8

Completed properties 95.2 91.4
Food, beverages and other hotel supplies 89.1 113.9
Produce stocks and finished goods 144.3 116.9
580.4 583.0
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160 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

30. TRADE AND OTHER RECEIVABLES

Group Company
2017 2016 2017 2016

Trade receivables (see note (i) below) 1,685.6 1,974.5 - -

Promissory notes – unquoted (see Note 27(ii)) - 7.6 - -
Other receivables (see note (ii) below) 569.6 660.8 0.8 1.3
Less: Impairment losses on receivables (550.8) (704.1) - -
1,704.4 1,938.8 0.8 1.3
Accrued billings in respect of property development 2.5 4.7 - -
Deposits 81.3 108.4 1.2 1.1
Prepayments 335.5 293.0 8.5 8.4
2,123.7 2,344.9 10.5 10.8

Notes:
(i) Included in trade receivables of the Group is service concession receivable of RM460.0 million (2016: Nil) in relation to the
construction of the Group’s power plant in Indonesia.

(ii) Included in other receivables of the Group are plasma plantations debtors of RM165.2 million (2016: RM111.8 million) which
are recoverable by its foreign subsidiaries. In accordance with the policy of the Government of the Republic of Indonesia,
certain land rights used to develop plantations are usually granted if a nucleus company agrees to develop areas for local
landholders (plasma plantations) in addition to developing its own plantations. The nucleus company will supervise and
manage the plasma plantations and purchase the production from the plasma plantations at prices determined by the
Government.

The advances made by the Group in the form of plasma plantation development costs are recoverable upon the completion
of the plasma plantation projects. It will be recoverable from the plasma farmers or recoverable through the assignment to
plasma farmers of the loan proceeds obtained for the projects. Allowance for impairment losses on recovery is made when
the estimated recoverable amount is less than the outstanding advances.

The carrying amounts of the Group’s and the Company’s trade and other receivables approximate their fair value.

As at 31 December 2017, the ageing analysis of these trade and other receivables which were past due but not impaired is as
follows:

Group Company
2017 2016 2017 2016
Receivables past due:
Past due 0 to 3 months 67.6 195.7 - -
Past due 3 to 6 months 1.9 135.7 - -
Past due 6 to 12 months 34.0 108.6 - -
Past due over 12 months 3.4 9.8 - -
106.9 449.8 - -

No impairment has been made on these amounts as the Group is closely monitoring these receivables and is confident of their
eventual recovery.

The Group’s trade and other receivables that are individually determined to be impaired at the reporting date relate to customers
that are in significant financial difficulties and have defaulted on payments. The amount of the provision was RM550.8 million
(2016: RM704.1 million) as at 31 December 2017. These receivables are not secured by any collateral.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 161
31 December 2017

30. TRADE AND OTHER RECEIVABLES (cont’d)

The movements on the provision for impairment losses on receivables are as follows:

Group Company
2017 2016 2017 2016

At 1 January 704.1 722.6 - -

Charge for the financial year 167.2 804.5 - -
Write-off against provision (292.7) (860.5) - -
Foreign exchange differences (27.8) 37.5 - -
At 31 December 550.8 704.1 - -

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.

Other than as disclosed above, the remaining trade and other receivables balances of the Group and the Company are neither
past due nor impaired.

31. CASH AND CASH EQUIVALENTS

Group Company
2017 2016 2017 2016

Deposits with licensed banks 20,009.6 16,911.8 889.8 569.4

Cash and bank balances 5,789.4 4,622.6 1.7 1.9
25,799.0 21,534.4 891.5 571.3
Less: Restricted cash (1,325.1) (565.1) (0.1) (0.1)
Bank balances and deposits 24,473.9 20,969.3 891.4 571.2
Add: Money market instruments 5,018.0 4,349.2 1,568.8 859.2
Cash and cash equivalents 29,491.9 25,318.5 2,460.2 1,430.4

The deposits of the Group and the Company as at 31 December 2017 have an average maturity period of one month to two
months (2016: one month). Cash and bank balances of the Group and the Company are held at call.

Investment in money market instruments comprises negotiable certificates of deposit and bankers’ acceptances. The money
market instruments of the Group and the Company as at 31 December 2017 have maturity periods ranging between overnight
and three months (2016: overnight and one month).

Included in deposits with licensed banks for the Group is an amount of RM31.3 million (2016: RM22.5 million) deposited by an
indirect subsidiary involved in property development activities into various Housing Development Accounts in accordance with
Section 7(A) of the Housing Developers (Control and Licensing) Act, 1966. This amount is available for use by the said subsidiary
for the payment of property development expenditure.

Restricted cash relates to the money market instruments pledged with licensed banks to secure certain bank borrowings and
funds under the control of the Group placed with licensed banks and a third party which will be utilised for certain qualified
expenses. These deposits have weighted average interest rates ranging from 0.02% to 6.4% (2016: 0.3% to 6.0%) per annum.

32. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE

As at 31 December 2017, the following assets or liabilities were classified as held for sale:

(i) Planned disposal of aircraft - Genting Singapore

The assets and liabilities relating on the disposal as follows:

Group
2017 2016
Assets classified as held for sale
Property, plant and equipment (see Note 15) 35.8 -

The Genting Singapore’s assets classified as held for sale of RM35.8 million as at 31 December 2017 represents aircraft
owned by a wholly owned subsidiary of Genting Singapore. The sale of this asset is expected to be completed within the
next 12 months.
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162 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

32. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE (cont’d)

(ii) Planned disposal of business and property, plant and equipment - Genting Malaysia

Group
2017 2016
Assets classified as held for sale
Maxims Casino (see note below)
Property, plant and equipment (see Note 15) 34.7 -
Trade and other receivables 1.4 -
Inventories 0.3 -
36.4 -
Property, plant and equipment related to the Bimini operations (see Note 15) 3.5 -
39.9 -
Liabilities classified as held for sale
Maxims Casino (see note below)
Trade and other payables (42.6) -
Deferred tax liabilities (see Note 28) (3.9) -
Taxation (12.7) -
(59.2) -

Note:
The assets and liabilities classified as held for sale relate to the business of Maxims Casino in the UK, owned and operated
by Coastbright Limited, an indirect wholly owned subsidiary of Genting Malaysia.

(iii) Planned disposal of land held for property development - Genting Plantations

Group
2017 2016

Land held for property development - 6.0

The assets classified as held for sale as at the end of the previous financial year comprised land and infrastructure costs
measuring approximately 20 acres pursuant to a sale and purchase agreement signed with a third party. The sale and
purchase agreement was subsequently terminated during the financial year and accordingly the cost had been reclassified
to land held for property development.

(iv) Planned disposal of interest in associates - Genting Singapore

As at 31 December 2016, the disposal group classified as held for sale for Genting Singapore Group represented the
following:

- Algona Pte. Ltd., a direct wholly owned subsidiary of Genting Singapore, entered into a conditional sale and purchase
agreement with Landing International Development Limited (“LIDL”) to dispose its 100% interest in Callisto Business
Limited (“Callisto”). Callisto’s disposal includes its wholly owned subsidiary, Happy Bay Pte. Ltd (“Happy Bay”), which in
turn owns 50% of Landing Jeju Development Co., Ltd. (“Callisto Group”) that is developing an integrated resort in Jeju,
Korea.

- Genting International Resorts Management Limited (“GIRML”), an indirect wholly owned subsidiary of Genting Singapore,
entered into a conditional sale and purchase agreement with LIDL’s direct wholly owned subsidiary, Landing Singapore
Limited to dispose GIRML’s 50% interest in Autumnglow Pte. Ltd. (“Autumnglow”).

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 163
31 December 2017

32. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE (cont’d)

(iv) Planned disposal of interest in associates – Genting Singapore (cont’d)

The assets and liabilities relating to Callisto Group and Autumnglow are included in “Investments and Others” and “Leisure
and Hospitality” segments as follows:

Group
2017 2016
Assets classified as held for sale
Associate - 799.8
Trade and other receivables - 795.1
- 1,594.9
Liability classified as held for sale
Deferred tax liabilities (see Note 28) - (11.1)

The Group completed the disposals of Callisto Group and Autumnglow on 3 January 2017 for a total consideration of
RM1,871.3 million and recorded a gain of disposal of RM302.2 million.

33. SHARE CAPITAL

Number of shares Share Capital

2017 2016 2017 2016
(million)
Authorised:
At beginning of the financial year 8,000.0 8,000.0 800.0 800.0
Effects of transition to no authorised share capital regime
on 31 January 2017 under the Companies Act 2016
(the “Act”) (8,000.0) - (800.0) -
At end of the financial year - 8,000.0 - 800.0

Issued and fully paid:

Ordinary shares
At beginning of the financial year 3,750.0 3,743.2 375.0 374.3
Issuance pursuant to exercise of warrants 101.8 6.8 962.5 0.7
Effects of transition to no par value regime on
31 January 2017 under the Act - - 1,481.2 -
At end of the financial year 3,851.8 3,750.0 2,818.7 375.0

The ordinary shares issued from the exercise of warrants shall rank pari passu in all respects with the existing issued ordinary
shares of the Company except that they shall not be entitled to any dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of the new shares arising from the exercise of warrants.

The Act which came into effect on 31 January 2017, abolished the concept of authorised share capital and par value of share
capital. Consequently, any amounts standing to the credit of the share premium account of RM1,481.2 million have become part
of the Company’s share capital pursuant to the transitional provisions set out in Section 618(2) of the Act. There is no impact on
the number of ordinary shares in issue or the relative entitlement of any of the members as a result of this transition.

Pursuant to subsection 618(3) of the Act, the Group may exercise its right to use the amount standing to the credit of its share
premium within 24 months after the commencement of the Act. The Board of Directors of the Company will make a decision
thereon before 31 January 2019.

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164 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

34. TREASURY SHARES

At the Annual General Meeting of the Company held on 1 June 2017, the shareholders of the Company approved the renewal of
the authority for the Company to purchase its own shares of up to 4% of the issued and paid-up share capital of the Company.

No treasury share was purchased during the current financial year. During the previous financial year, the Company had
purchased a total of 200,000 ordinary shares of its issued share capital from the open market at an average price of RM8.05
per share. The total consideration paid in the previous financial year for the purchase, including transaction costs, was RM1.6
million and was financed by internally generated funds. The purchased shares are held as treasury shares in accordance with
the requirements of Section 127(4) of the Companies Act 2016. There is no cancellation, resale or reissuance of treasury shares
during the financial year. As treasury shares, the rights attached as to voting, dividends and participation in other distribution
are suspended.

As at 31 December 2017, of the total 3,851,782,223 (2016: 3,750,021,124) issued and fully paid ordinary shares, 26,320,000
(2016: 26,320,000) are held as treasury shares by the Company. As at 31 December 2017, the number of outstanding ordinary
shares in issue after the offset is therefore 3,825,462,223 (2016: 3,723,701,124) ordinary shares.

The details of the treasury shares are as follows:

Total shares Total

purchased consideration Average
in units paid Highest price Lowest price price*
’000 RM million RM RM RM

At 1 January 2017 and

31 December 2017 26,320.0 221.2 10.80 3.40 8.40

* Average price includes stamp duty, brokerage and clearing fees.

35. RESERVES

Group Company
2017 2016 2017 2016
Restated

Share premium (see Note 33) - 1,481.2 - 1,481.2

Warrants reserve 946.3 1,098.7 946.3 1,098.7
Revaluation reserve 292.7 293.0 - -
Fair value reserve 276.9 384.3 - -
Cash flow hedge reserve (52.1) (85.3) - -
Reserve on exchange differences 4,405.8 6,010.8 - -
Retained earnings 25,322.6 24,672.5 9,761.5 9,958.7
31,192.2 33,855.2 10,707.8 12,538.6

The warrants reserve represents monies received from the issuance of warrants by the Company pursuant to the Restricted
Issue of Warrants. The warrants were listed on the Main Market of Bursa Malaysia Securities Berhad on 23 December 2013.
Each warrant carries the right to subscribe for 1 new ordinary share in the Company at any time on or after the issue date up
to the expiry date of 18 December 2018 at the exercise price of RM7.96 for each new share. Any warrant not exercised by the
expiry of the exercise period will lapse and cease to be valid for all purposes. The warrants are constituted by a Deed Poll dated
12 November 2013.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 165
31 December 2017

35. RESERVES (cont’d)

The movements in the warrants reserve and number of warrants during the financial year are summarised below:

Group/Company
Warrants Reserve
No. of Warrants RM’million
2017 2016 2017 2016

At 1 January 733,665,566 740,490,934 1,098.7 1,108.9

Exercise of warrants (101,761,099) (6,825,368) (152.4) (10.2)
At 31 December 631,904,467 733,665,566 946.3 1,098.7

36. PERPETUAL CAPITAL SECURITIES OF A SUBSIDIARY

On 12 March 2012 and 18 April 2012, Genting Singapore issued SGD1,800 million 5.125% perpetual capital securities
(“Institutional Securities”) and SGD500 million 5.125% perpetual capital securities (“Retail Securities”) respectively at issue
prices of 100 per cent each.

Holders of these Institutional and Retail securities are conferred a right to receive distribution on a semi-annual basis from
their issue date at the rate of 5.125% per annum, subject to a step-up rate from 12 September 2022 and 18 October 2022
respectively. Genting Singapore has a right to defer this distribution under certain conditions.

The Institutional and Retail securities have no fixed maturity and are redeemable in whole, but not in part, at Genting Singapore’s
option on or after 12 September 2017 for the Institutional securities and 18 October 2017 for the Retail securities at their
principal amounts together with any accrued, unpaid or deferred distributions. While any distributions are unpaid or deferred,
Genting Singapore will not declare, pay dividends or make similar periodic payments in respect of, or repurchase, redeem or
otherwise acquire any securities of lower or equal rank.

These perpetual capital securities were issued for Genting Singapore’s general corporate purposes as well as to finance capital
expenditure and the expansion of its business.

During the current financial year, the Board of Directors of Genting Singapore have approved the payments of the second
and third distribution in respect of the Institutional and Retail Securities. Accordingly, distributions for Institutional Securities
amounting to SGD45.7 million (equivalent to approximately RM138.7 million) and SGD46.5 million (equivalent to approximately
RM141.1 million) were paid on 13 March 2017 and 12 September 2017 respectively. Distributions for Retail Securities amounting
to SGD12.8 million (equivalent to approximately RM38.9 million) and SGD12.8 million (equivalent to approximately RM38.9
million) were paid on 18 April 2017 and 19 October 2017 respectively.

Genting Singapore had fully redeemed the Institutional and Retail Securities on 12 September 2017 and 19 October 2017
respectively.

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166 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

37. BORROWINGS

Group
2017 2016
Current
Secured:
Term loans 1,538.7 1,024.9
Finance lease liabilities 5.2 9.7

Unsecured:
Term loans 475.2 1,185.0
2,019.1 2,219.6
Non-current
Secured:
Term loans 8,406.4 8,310.3
Finance lease liabilities 4.0 1.0

Unsecured:
Medium term notes 8,591.7 5,993.3
Sukuk Murabahah 997.7 997.4
Bonds 713.7 -
Notes 6,134.7 -
Term loans 102.0 443.0
24,950.2 15,745.0
26,969.3 17,964.6

The borrowings (excluding finance lease liabilities) bear an effective annual interest rate of 1.9% to 10.5% (2016: 1.8% to 4.8%)
per annum.

(a) The maturity profile and exposure of borrowings of the Group is as follows:

Floating Fixed
Interest Rate Interest Rate Total
As at 31 December 2017:
Less than one year 1,864.5 154.6 2,019.1
More than one year and less than two years 1,431.6 1,608.9 3,040.5
More than two years and less than five years 4,856.1 3,598.0 8,454.1
More than five years 2,040.9 11,414.7 13,455.6
10,193.1 16,776.2 26,969.3
As at 31 December 2016:
Less than one year 2,209.8 9.8 2,219.6
More than one year and less than two years 1,063.2 1.0 1,064.2
More than two years and less than five years 4,782.4 2,697.6 7,480.0
More than five years 2,907.8 4,293.0 7,200.8
10,963.2 7,001.4 17,964.6

(b) Finance lease liabilities

The minimum lease payments of the finance lease liabilities at the reporting date are as follows:

Group
2017 2016
Not more than one year 6.5 11.0
More than one year and not more than five years 4.5 1.0
11.0 12.0
Future finance charges (1.8) (1.3)
Present value 9.2 10.7

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 167
31 December 2017

37. BORROWINGS (cont’d)

(b) Finance lease liabilities (cont’d)

Finance lease liabilities are effectively secured as the rights to the leased assets will revert to the lessor in the event of
default. The finance lease liabilities have an effective interest rate of 2.3% to 21.3% (2016: 2.3% to 21.3%) per annum.

(c) Fair values of the borrowings as at 31 December 2017 was RM27,185.6 million (2016: RM17,998.3 million). Fair values of the
borrowings have been estimated from the perspective of market participants that hold similar borrowings at the reporting
date and are within Level 2 of the fair value hierarchy.

(d) On 9 November 2009, the Company through its wholly owned subsidiary, GB Services Berhad (“GBS”), had successfully
issued RM1.45 billion nominal amount of 10-year Medium Term Notes (“MTNs”) pursuant to a RM1.6 billion nominal value
MTNs programme. The issue was priced at 5.30% per annum, payable semi-annually and guaranteed by the Company. On
10 May 2010, GBS subsequently issued the remaining RM0.15 billion nominal amount of MTNs. The proceeds from issuance
of the MTNs were on-lent to the Company and/or its subsidiaries for capital expenditure, investment, refinancing, working
capital requirements and/or other general corporate purposes of the Group. The entire nominal amount of the MTNs shall
be repaid by 8 November 2019 (the “Maturity Date”) provided that the entire principal amount or any portion thereof, and
accrued and unpaid interest thereon shall be immediately due and payable upon the earlier of (i) the Maturity Date; (ii)
request(s) from GBS for early repayment; or (iii) acceleration of the loan. In the event of default, the Trustee of the MTNs
may at its sole discretion, and shall if so directed by the MTNs holders by Extraordinary Resolution, declare by notice
in writing to GBS that an event of default has occurred and notwithstanding the Maturity Date, the nominal value of all
outstanding MTNs and unpaid interest thereon shall become immediately due and payable.

(e) On 8 June 2012, the Company through its direct wholly owned subsidiary, Genting Capital Berhad, issued RM0.5 billion
nominal amount of 10-year MTNs and RM1.5 billion nominal amount of 15-year MTNs pursuant to a RM2.0 billion nominal
value MTNs programme. The issue was at coupon rates of 4.42% per annum and 4.86% per annum, respectively, payable
semi-annually and guaranteed by the Company. The proceeds from the issuance of the MTNs were on-lent to the Company
and/or its subsidiaries for operating activities, capital expenditure, investment, refinancing, working capital requirements,
general funding requirements and/or other general corporate purpose of the Group.

(f) On 5 June 2015, Benih Restu Berhad, an indirect wholly owned subsidiary of Genting Plantations, issued RM1.0 billion
Sukuk Murabahah under the Sukuk Murabahah programme of up to RM1.5 billion in nominal value based on the Shariah
principle of Murabahah. The Sukuk Murabahah has a tenure of 10 years, at a profit rate of 4.62% per annum payable semi-
annually and guaranteed by Genting Plantations.

(g) On 24 August 2015, GENM Capital Berhad (“GENM Capital”), a direct wholly owned subsidiary of Genting Malaysia, issued
RM1.1 billion nominal amount of 5-year MTNs at a coupon rate of 4.5% per annum and RM1.3 billion nominal amount of 10-
year MTNs at a coupon rate of 4.9% per annum under its MTN Programme which is guaranteed by Genting Malaysia.

On 31 March 2017, GENM Capital further issued RM1.25 billion nominal amount of 5-year MTN at coupon rate of 4.78%
per annum, RM1.1 billion nominal amount of 10-year MTN at coupon rate of 4.98% per annum and RM0.25 billion nominal
amount of 15-year MTN at coupon rate of 5.20% per annum under its MTN Programme which is guaranteed by Genting
Malaysia.

The coupon is payable semi-annually. The net proceeds from the MTN programme shall be utilised for operating expenses,
capital expenditure, and/or working capital requirements of Genting Malaysia including to finance the development, and/
or re-development of the properties of Genting Malaysia located in Genting Highlands, Pahang, Malaysia.

(h) On 24 January 2017, Genting Overseas Holdings Limited (“GOHL”) through its direct wholly owned subsidiary, GOHL
Capital Limited (“GOHL Capital”), issued USD1.0 billion 4.25% guaranteed notes due 2027 (the “Notes”). The Notes are
fully and unconditionally guaranteed by GOHL and have the benefit of a keepwell deed entered into with the Company.
Interest on the Notes is payable semi-annually.

On 17 October 2017, GOHL Capital further issued USD500.0 million 4.25% guaranteed notes due 2027 (the “Further
Notes”), which will constitute a further issuance of, and be consolidated and form a single series with, the Notes that were
originally issued by GOHL Capital on 24 January 2017.

The Notes and the Further Notes are listed on The Stock Exchange of Hong Kong Limited.

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168 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

37. BORROWINGS (cont’d)

The proceeds from the issuance of the Notes and Further Notes were on-lent to GOHL for the general corporate purposes of
the Genting Group, including but not limited to, operating expenses, capital expenditure, investment, refinancing, working
capital requirements, general funding requirements and/or making investments (by share purchase, loan or otherwise) in
other members of the Genting Group, which may include investments for the development of the Resorts World Las Vegas
project.

The Notes and Further Notes shall be repaid on 24 January 2027. The Notes and Further Notes are subject to redemption,
together with accrued interest, (i) at the option of GOHL Capital, in whole or in part, at any time upon payment of the
applicable premium, and (ii) in whole but not in part, in the event of certain changes affecting taxes of certain jurisdictions
as described in the conditions of the Notes and Further Notes.

(i) On 24 October 2017, Genting Singapore issued an unsecured and unsubordinated Japanese Yen-denominated bonds with
a principal amount of Japanese Yen (“JPY”) 20.0 billion (approximately RM728.8 million) in Japan, acting through its Japan
branch. The bonds have a coupon rate of 0.669% per annum and are due for repayment five years from the issue date.

Details of assets pledged as securities for the borrowings are disclosed in Notes 15, 19, 20, 21, 31 and 41.

38. PROVISIONS

Group Company
2017 2016 2017 2016
Provision for retirement gratuities (see (a) below) 367.1 313.2 103.0 88.3
Asset retirement obligations (see (b) below) 138.1 158.1 - -
Other provisions 51.0 56.9 - -
556.2 528.2 103.0 88.3
Less: Provision for retirement gratuities shown
as current liabilities (see (a) below) (44.2) (32.1) - -
512.0 496.1 103.0 88.3

(a) Provision for Retirement Gratuities

Beginning of the financial year 313.2 284.7 88.3 84.8
Charge for the financial year 64.1 32.0 16.1 3.7
Write-back of provision (0.3) (0.1) - -
Payments during the financial year (9.4) (3.4) (1.4) (0.2)
Disposal of a subsidiary (0.4) - - -
Foreign exchange differences (0.1) - - -
End of the financial year 367.1 313.2 103.0 88.3

Analysed as follows:
Current (see Note 40) 44.2 32.1 - -
Non-current 322.9 281.1 103.0 88.3
367.1 313.2 103.0 88.3
Group
2017 2016
(b) Asset Retirement Obligations
Beginning of the financial year 158.1 146.0
(Reversal)/Addition (33.7) 6.3
Unwinding of discount 8.8 11.6
Foreign exchange differences 4.9 (5.8)
End of the financial year 138.1 158.1

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 169
31 December 2017

38. PROVISIONS (cont’d)

(b) Asset Retirement Obligations (cont’d)

Asset retirement obligations consist primarily of estimated cost of dismantlement, removal, site reclamation and similar
activities associated with oil and gas assets.

The interest rate and inflation rate used to determine the obligations as at 31 December 2017 was 3.6% (2016: 4.3%) per
annum and 2.7% (2016: 3.0%) per annum respectively. Changes in the expected future costs are reflected in both the
provision and the asset.

39. OTHER NON-CURRENT LIABILITIES

Group
2017 2016

Advance membership fees (see note (a) below) 7.5 9.5

Government grant (see note (b) below) 43.0 8.5
Amount due to a shareholder of a subsidiary (see note (c) below) 295.2 292.7
Accruals and other payables 7.2 15.6
352.9 326.3

Notes:

(a) The advance membership fees relate to fees received on sale of timeshare units by an indirect subsidiary offering a
timeshare ownership scheme. These fees are recognised as income over the next twenty four years from commencement
of membership.

(b) This mainly relates to government grant totalling RM8.5 million and RM34.5 million respectively (2016: RM8.5 million
and Nil respectively) in relation to the construction of a biorefinery plant and construction of certain properties in the
US. The government grant is to be recognised in income statement over the useful lives of the assets when the assets are
commissioned and completed.

(c) Amount due to a shareholder of a subsidiary is denominated in USD, unsecured and interest free.

40. TRADE AND OTHER PAYABLES

Group Company
2017 2016 2017 2016

Trade payables 747.0 740.0 - -

Accruals 2,804.5 2,782.4 44.0 35.8
Retirement gratuities (see Note 38(a)) 44.2 32.1 - -
Deposits 24.5 25.9 - -
Provision for onerous leases 3.3 93.7 - -
Accrued capital expenditure 594.2 548.2 - -
Deferred income 200.7 159.4 - -
Other payables 975.8 812.3 4.0 3.3
5,394.2 5,194.0 48.0 39.1

Included in accruals of the Group is interest payable of RM210.0 million (2016: RM79.3 million).

The carrying amounts of the Group’s and the Company’s trade and other payables approximate their fair values.

As at 31 December 2016, the Group has accrued for termination costs of RM89.5 million in relation to an agreement with a port
authority for cruise terminal usage. The termination costs were fully settled during the current financial year.

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170 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

41. DERIVATIVE FINANCIAL INSTRUMENTS

2017 2016
Notional/ Notional/
Contract Fair Value Fair Value Contract Fair Value Fair Value
Note Value Assets Liabilities Value Assets Liabilities
Group
Designated as hedges
Interest Rate Swap (a)
- USD 2,258.7 - (162.6) 2,619.7 0.4 (228.9)
- GBP - - - 362.1 - (4.0)
Cross Currency Swap (b)
- SGD 174.2 - (31.9) 185.7 - (60.6)
Commodity Future Contract (c) 31.0 2.0 - - - -
Forward Foreign Currency
Exchange Contracts (d)
- USD 92.1 1.4 - 92.7 3.1 (0.6)
3.4 (194.5) 3.5 (294.1)
Not designated as hedges
Interest Rate Swap (a)
- USD 127.5 1.1 - 429.1 0.9 (11.5)
Cross Currency Swap (b)
- USD - - - 319.7 115.5 -
Forward Foreign Currency
Exchange Contracts (d)
- SGD - - - 12.2 1.9 -
Warrants (e) N/A 3.7 - - - -
4.8 - 118.3 (11.5)
Total derivative financial
instruments 8.2 (194.5) 121.8 (305.6)
Analysed as follows:
Current 3.9 (46.1) 7.7 (73.4)
Non-current 4.3 (148.4) 114.1 (232.2)
8.2 (194.5) 121.8 (305.6)
Company
Not designated as hedges
Non-current - Warrants (f) N/A 227.9 - N/A 232.8 -

The Group’s derivative financial instruments relate to the following:

(a) Interest Rate Swaps (“IRS”)

The Group had entered into IRS to hedge the Group’s exposure to interest rate risk on its borrowings. This contract entitles
the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed
rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them
into fixed rates.

The changes in fair value of these IRS contracts that are designated as hedges are included as hedging reserve in equity
and continuously released to the income statement until the repayment of the bank borrowings or maturity of the IRS
whichever is earlier. For the IRS contracts that are not designated as hedges, the changes in fair value are recognised as
other income or other expense in the income statement.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 171
31 December 2017

41. DERIVATIVE FINANCIAL INSTRUMENTS (cont’d)

The Group’s derivative financial instruments relate to the following: (cont’d)

(b) Cross Currency Swap

The Group had entered into a Cross Currency Swap contract to exchange interest payments and principal denominated in
two different currencies to hedge against the exposure of its borrowings to interest rate risk and foreign exchange risk.

The changes in the fair value of these Cross Currency Swap contracts that are designated as hedges are included as hedging
reserve in equity and continuously released to the income statement until the repayment of the bank borrowings or maturity
of Cross Currency Swap contracts whichever is earlier. For the Cross Currency Swap contracts that are not designated as
hedges, the changes in the fair value are recognised as other income or other expense in the income statement.

(c) Commodity Future Contract

The commodity future contracts were entered into with the objective of managing and hedging on the Group’s downstream
manufacturing operations to adverse price movements in the palm oil commodities.

The changes in the fair value of these commodity future contracts are accounted using the hedge accounting method. The
changes in fair value of these contracts are included in hedging reserves in equity and are recognised in income statement
when the underlying hedged items are recognised.

(d) Forward Foreign Currency Exchange

The Group had entered into various forward foreign currency exchange contracts to manage the exposure to foreign
currency exchange risk in relation to its operations in respective countries.

The changes in fair value of these forward foreign currency exchange contracts that are designated as hedges are included
as hedging reserves in equity and are recognised in the income statement as the underlying hedged items are recognised.
For the forward foreign currency exchange contracts that are not designated as hedges, the changes in the fair value of
these forward contracts are recognised as other income or other expense in the income statement.

(e) Warrants

During the current financial year, the Group subscribed to USD16.8 million non-convertible senior notes with 560,000
warrants. The warrants are initially recognised at fair value and are subsequently carried at fair value through profit or loss.
The fair value changes are recognised in profit or loss. As at 31 December 2017, the estimated fair value of the warrants was
RM3.7 million which was favourable to the Group (2016: Nil).

As at 31 December 2017, derivative financial instruments of approximately RM1.1 million (2016: RM106.8 million) have been
pledged as security for the term loan facility of the Group’s power plant and oil and gas businesses.

The fair values of the above instruments have been estimated using the published market prices or quotes from reputable
financial institutions or valuation techniques supported by observable market data. The Group has no significant concentrations
of credit risk as at 31 December 2017 and 2016.

Company

(f) The Company’s derivative financial instrument relates to the warrants in Genting Plantations which are exercisable at any
time on or after 20 December 2013 up to the date of expiry on 17 June 2019. The warrants are traded in active market with
fair value changes recognised in the income statement.

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172 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

42. COMMITMENTS

(a) Capital Commitments

Group
2017 2016
Authorised capital expenditure not provided for in the financial statements:
- contracted 4,476.7 3,912.8
- non-contracted 17,320.2 21,302.3
21,796.9 25,215.1
Analysed as follows:
- Property, plant and equipment 21,538.2 23,815.3
- Power concession assets
(intangible assets and other non-current assets) - 798.4
- Investments* 49.4 396.5
- Rights of use of oil and gas assets 151.1 129.2
- Intangible assets 29.2 52.8
- Leasehold land use rights 29.0 22.9
21,796.9 25,215.1

* Includes commitment to invest in joint ventures amounting to RM25.6 million (2016: RM20.5 million).

(b) Operating Lease Commitments

(i) The Group as lessee

The future minimum lease payments under non-cancellable operating leases are payable as follows:

Group
2017 2016
Not later than one year 127.1 117.2
Later than one year but not later than five years 227.8 271.3
Later than five years 358.0 254.9
712.9 643.4

The operating lease commitments mainly relate to leases of offices, land and buildings and equipment under non-
cancellable operating lease agreement. The leases have varying terms, escalation clauses and renewal rights.

(ii) The Group as lessor

The future minimum lease receivables under non-cancellable operating lease are as follows:

Group
2017 2016
Not later than one year 41.9 60.7
Later than one year but not later than five years 31.2 58.0
Later than five years 2.0 3.6
75.1 122.3

The Group leases out retail space to non-related parties under non-cancellable operating leases. The leases have
varying terms, escalation clauses and renewal rights. Generally, the lessees are required to pay contingent rents
computed based on their turnover achieved during the lease period.

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 173
31 December 2017

43. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

(a) On 24 January 2017 and 17 October 2017, GOHL through its direct wholly owned subsidiary, GOHL Capital, issued USD1.5
billion 4.25% guaranteed notes due 2027 (the “Notes” and “Further Notes”). The Notes and Further Notes are fully and
unconditionally guaranteed by GOHL and have the benefit of a keepwell deed entered into with the Company. Interest on
the Notes and Further Notes is payable semi-annually. Details of borrowings are disclosed in Note 37(h).

(b) On 25 January 2017, Palma Citra Investama Pte Ltd, a 73.7% indirect subsidiary of Genting Plantations, entered into a
conditional sale and purchase agreement with PT Suryaborneo Mandiri, a related party, for the purpose of disposing 950
Series A shares and 34,100 Series B shares of IDR1,000,000 each in PT Permata Sawit Mandiri (“PT PSM”) for a cash
consideration of USD3,190,000 (“Proposed Disposal”).

Genting Plantations had on 16 March 2017 further announced that the Proposed Disposal has been completed on the same
day. Following the completion of the Proposed Disposal, PT PSM has ceased to be a subsidiary of Genting Plantations.

(c) On 18 August 2017, AsianIndo Holdings Pte Ltd (“AsianIndo”), a wholly owned subsidiary of Genting Plantations, entered into
a conditional sale and purchase agreement with Lee Rubber Company (Pte) Ltd for the purpose of acquiring 20,000,000
ordinary shares representing 100% equity interest in Knowledge One Investment Pte Ltd for a cash consideration of
USD94,970,000 (“Proposed Acquisition”). The Proposed Acquisition was completed on 10 October 2017.

44. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES

In the normal course of business, the Group and the Company undertake on agreed terms and prices, transactions with its
related companies and other related parties.

In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant
related party transactions and balances. The related party transactions listed below were carried out on terms and conditions
negotiated and agreed between the parties.

Group Company
2017 2016 2017 2016
(a) Transactions with subsidiaries

(i) Licensing fees from the subsidiaries to the Company for the use of name
and accompanying logo of “Genting”, “Resorts World” and “Awana” owned
by the Company. - - 206.8 195.5

(ii) Management fees from Genting Hotel & Resorts Management Sdn Bhd
(“GHRM”), a wholly owned subsidiary of the Company, to the Company
for the provision of the necessary resort management services to enable
GHRM to perform its various obligations under the Resort Management
Agreement with Genting Malaysia. - - 411.2 404.5

(iii) Finance cost charged by subsidiaries to the Company on the interest

bearing portion of the amount due to subsidiaries. - - 180.2 181.7

(iv) Provision of information technology consultancy, development,

implementation, support and maintenance service, other management
services and rental of information technology equipment by subsidiaries
to the Company. - - 2.7 3.8

(v) Rental charges for office space and related services by a subsidiary of
Genting Malaysia to the Company. - - 2.7 2.7

(vi) Provision of management and/or support services by subsidiaries to the

Company. - - - 1.7

(vii) Provision of management and/or support services by the Company to its

subsidiaries. - - 18.4 16.4

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174 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

44. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (cont’d)

Group Company
2017 2016 2017 2016
(b) Transactions with associates and joint ventures
(i) Provision of the management and/or support services and licensing fee
by the Group to Resorts World Inc Pte Ltd (“RWI”), a joint venture of the
Group. 1.3 1.2 1.2 1.1
(ii) Licensing fee for the use of the name “Genting” charged by wholly owned
subsidiaries of the Company to Genting Simon, a joint venture of the
Genting Plantations Group. 0.6 0.6 - -
(iii) Provision of services in connection with the clinical study by TauRx
Pharmaceuticals Ltd Group, an associate of the Group, to a subsidiary of
the Company. 16.7 22.3 - -
(iv) Provision of management services by Genting Awanpura Sdn Bhd, a
wholly owned subsidiary of Genting Plantations, to Genting Simon. 0.5 0.5 - -
(v) Provision of goods and/or services by DCP (Sentosa) Pte Ltd (“DCP
(Sentosa)”), a joint venture of Genting Singapore to Genting Singapore
Group. 57.4 63.9 - -
(vi) Provision of goods and/or services by Genting Singapore Group to DCP
(Sentosa). 3.6 - - -
(vii) Letting of a premise to Genting Highlands Premium Outlets Sdn Bhd
(“GHPO”), a joint venture of the Genting Plantations Group. 4.2 - - -
(viii) Provision of utilities, maintenance, security and construction management
services by Genting Malaysia Group to GHPO. 4.5 0.6 - -
(ix) Interest income earned by indirect subsidiaries from their associates. 13.7 41.6 - -
(x) Purchase of electronic table games by Genting Malaysia Group from RWI
Group. 6.8 - - -
(xi) Licensing fee for the use of “Resorts World” and “Genting” intellectual
property in the US and Bahamas charged by RWI Group to Genting
Malaysia Group. 75.4 75.1 - -
(xii) Licensing fee for the use of Internet Gaming System platform in the United
Kingdom charged by RWI Group to Genting Malaysia Group. 2.3 2.3 - -
(xiii) Licensing fee for the use of Dynamic Reporting System charged by RWI
Group to Genting Malaysia Group. 1.0 0.2 - -
(xiv) Licensing fee for the use of “Genting” intellectual property in United
Kingdom charged by RWI Group to Genting Malaysia Group. - 6.0 - -
(c) Transactions with other related parties
(i) Rental of premises and provision of connected services by Genting
Malaysia to Warisan Timah Holdings Sdn Bhd (“Warisan Timah”). Datuk
Lim Chee Wah, a brother of Tan Sri Lim Kok Thay (“TSLKT”) and an uncle
of Lim Keong Hui (“LKH”), has deemed interest in Warisan Timah. 2.2 2.4 - -
(ii) Letting of premises by Genting Development Sdn Bhd (“GDSB”) to the
Group. The late Puan Sri Lim (Nee Lee) Kim Hua, the mother of TSLKT and
the grandmother of LKH, is a shareholder of GDSB. Among others, TSLKT
and Mr Teo Eng Siong had been named as Executors and Trustees of the
Estate of Puan Sri Lim (Nee Lee) Kim Hua. 1.0 1.3 - -
(iii) Provision of information technology consultancy, development,
implementation, support and maintenance services and other
management services by Genting Malaysia Group to Genting Hong
Kong Limited (“Genting Hong Kong”) Group, a company in which certain
Directors of the Company have interests. 1.1 1.7 - -
(iv) Acquisitions of Cahaya Agro Abadi Pte Ltd and Palm Capital Investment
Pte Ltd from Green Palm Capital Corp, which is owned by a major
shareholder in PalmIndo Holdings Pte Ltd, a 73.685% indirect subsidiary
of Genting Plantations. - 123.7 - -

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 175
31 December 2017

44. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (cont’d)

Group Company
2017 2016 2017 2016
(c) Transactions with other related parties (cont’d)
(v) Sale of refined palm oil products to Inter-Continental Oils & Fats Pte Ltd,
a wholly owned subsidiary of Musim Mas Holdings Pte Ltd, the holding
company of Musim Mas International (South Asia) Pte Ltd, which in turn
holds 28% equity interest in Genting MusimMas Refinery Sdn Bhd. 481.8 - - -

(vi) Sale of fresh fruit bunches by PT Agro Abadi Cemerlang (“PT AAC”), an
indirect subsidiary of Genting Plantations, to Sepanjang Group, which
vide PalmIndo Holdings Pte Ltd and PT Bintang Harapan Desa, holds an
effective 30% equity interest in PT AAC. 10.3 - - -

(vii) Disposal of PT Permata Sawit Mandiri to PT Suryaborneo Mandiri, which

is owned by a major shareholder in PalmIndo Holdings Pte Ltd, an indirect
subsidiary of Genting Plantations. 14.1 - - -

(viii) Provision of design and consultancy services in relation to the construction

and operation of a metathesis plant by Elevance Renewable Sciences, Inc
(“Elevance”) to a subsidiary of Genting Plantations, where an indirect
subsidiary of the Company holds 16.6% equity interest in Elevance. - 32.0 - -

(ix) Provision of management and consultancy service on theme park and

resort development and operations by International Resort Management
Services Pte Ltd (“IRMS”), an entity connected with certain Directors of
the Company and Genting Malaysia, to Genting Malaysia Group and an
indirect wholly owned subsidiary of the Company. 11.2 10.0 - -

(x) Proceeds from disposal of Genting Hong Kong shares by Genting Malaysia
Group and GOHL to Golden Hope Limited (“GHL”) (GHL acting as trustee
of GHUT and both TSLKT and LKH have deemed interests in the units of
GHUT). - 1,763.3 - -

(xi) Provision of water supply services by Bimini Bay Water Ltd., an entity
connected with shareholder of BB Entertainment Ltd (“BBEL”) to Genting
Malaysia Group. 3.2 2.6 - -

(xii) Provision of maintenance services by entities connected with shareholder

of BBEL to Genting Malaysia Group. 18.6 11.6 - -

(xiii) Rental charges for office space by Genting Malaysia Group to Genting
Hong Kong Group. 5.4 3.5 - -

(xiv) Provision of construction services by an entity connected with shareholder

of BBEL to Genting Malaysia Group. 7.7 4.6 - -

(xv) Purchase of rooms by Genting Malaysia Group from an entity connected

with shareholder of BBEL. 0.8 2.4 - -

(xvi) Provision of aviation related services by Genting Malaysia Group to

Genting Hong Kong Group. 0.7 1.1 - -

(xvii) Air ticketing services and provision of reservation and booking services
rendered by Genting Hong Kong to Genting Singapore Group. 8.7 8.4 - -

Provision of information technology, implementation, support and

(xviii)
maintenance services, hotel accommodation, food and beverage and
theme park charges by Genting Singapore Group to Genting Hong Kong
Group. 5.8 4.9 - -

(xix) Leasing of office space and related expenses by IRMS from Genting
Singapore Group. 0.8 1.0 - -

(xx) Provision of consultancy services by IRMS to Genting Singapore Group. 1.2 - - -

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176 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

44. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (cont’d)

Group Company
2017 2016 2017 2016
(d) Directors and key management personnel
The remuneration of Directors and other key management
personnel is as follows:
Fees, salaries and bonuses 142.6 127.6 59.6 52.9
Defined contribution plan 20.2 19.5 10.5 9.4
Other short term employee benefits 0.5 0.5 - -
Share-based payments 21.8 29.1 - -
Provision for retirement gratuities 26.4 1.5 13.4 1.0
Estimated money value of benefits-in-kind
(not charged to the income statements) 2.0 2.0 0.1 0.1

The outstanding balances as at 31 December 2017 and 2016, arising from sale/purchase of services, and payments made on
behalf/receipts from the subsidiaries, associates and joint ventures are disclosed in Notes 22, 23 and 24. The outstanding
balances arising from other related sales/purchases are not material as at 31 December 2017 and 2016.

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Direct Subsidiaries of the Company:
GB Services Berhad 100.0 100.0 Malaysia Issuance of private debt
securities
Genting Bio Cellular Sdn Bhd 100.0 100.0 Malaysia Investments
Genting Capital Berhad 100.0 100.0 Malaysia Issuance of private debt
securities
Genting Capital Limited 100.0 100.0 Labuan, Offshore financing
Malaysia
(“Labuan”)
+ Genting Energy Limited 100.0 100.0 Isle of Man Investment holding
(“IOM”)
+ Genting Equities (Hong Kong) Limited 100.0 100.0 Hong Kong, SAR Investments
(“HK”)
+ Genting Games Pte Ltd 100.0 100.0 Singapore Investments
Genting Genomics Limited 100.0 100.0 IOM Investment holding
Genting Hotel & Resorts Management Sdn Bhd 100.0 100.0 Malaysia Provision of resort
management services
+ Genting Intellectual Property Pte Ltd 100.0 100.0 Singapore Investments
Genting Intellectual Property Sdn Bhd 100.0 100.0 Malaysia Licensing of intellectual
property and provision of
related services
Genting (Labuan) Limited 100.0 100.0 Labuan Rent-A-Captive
Offshore insurance
business
Genting Malaysia Berhad (“Genting Malaysia”) 49.3 49.3 Malaysia Resort, hotel and gaming
(see Note 22) operations
Genting Management and Consultancy 100.0 100.0 Malaysia Management services
Services Sdn Bhd
+ Genting Management (Singapore) Pte Ltd 100.0 100.0 Singapore Investments

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 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 177
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Direct Subsidiaries of the Company: (cont’d)
Genting Oil & Gas Sdn Bhd 100.0 100.0 Malaysia Provision of advisory,
technical and
administrative services to
oil and gas companies
+ Genting Overseas Holdings Limited 100.0 100.0 IOM Investment holding
+ Genting Overseas Investments Limited 100.0 100.0 IOM Investments
Genting Plantations Berhad (“Genting Plantations”) 51.6 52.2 Malaysia Plantation and provision
of management services
to its subsidiaries
Genting Risk Solutions Sdn Bhd 100.0 100.0 Malaysia Provision of risk and
insurance management
consultancy services
+ Genting Strategic Investments (Singapore) Pte Ltd 100.0 100.0 Singapore Investments
Genting TauRx Diagnostic Centre Sdn Bhd 80.0 80.0 Malaysia Creation of a service
and technology platform
for early diagnosis and
treatment of Alzheimer’s
disease and other
neurodegenerative
diseases
+ Logan Rock Limited 100.0 100.0 IOM Investments
Peak Avenue Limited 100.0 100.0 IOM Investment holding
Peak Hill Limited 100.0 - IOM Investment holding
Phoenix Spectrum Sdn Bhd 100.0 100.0 Malaysia Investments
Prime Offshore (Labuan) Limited 100.0 100.0 Labuan Offshore financing
Setiacahaya Sdn Bhd@ 50.0 50.0 Malaysia Property Investment
Suasana Cergas Sdn Bhd 100.0 100.0 Malaysia Financingvsjk
Suasana Duta Sdn Bhd 100.0 100.0 Malaysia Financingvsjk
+ Vista Knowledge Pte Ltd 100.0 100.0 Singapore Investments
+ Resorts World Bhd (Hong Kong) Limited 100.0 100.0 HK Dormant fnsl
+ Resorts World (Singapore) Pte Ltd 100.0 100.0 Singapore Dormant fnsl
+ Genting Bhd (Hong Kong) Limited 100.0 100.0 HK Pre-operating
Genting Digital Sdn Bhd 100.0 100.0 Malaysia Pre-operating
+ Genting Gaming Solutions Pte Ltd 100.0 100.0 Singapore Pre-operating
+ Genting Global Pte Ltd 100.0 100.0 Singapore Pre-operating
Genting Group Sdn Bhd 100.0 100.0 Malaysia Pre-operating
+ Genting Innovation Pte Ltd 100.0 100.0 Singapore Pre-operating
Genting Intellectual Ventures Limited 100.0 100.0 IOM Pre-operating
Genting Strategic Holdings Sdn Bhd 100.0 100.0 Malaysia Pre-operating
Genting Strategic Sdn Bhd 100.0 100.0 Malaysia Pre-operating
+ Genting Strategic (Singapore) Pte Ltd 100.0 100.0 Singapore Pre-operating
Prime International Labuan Limited 100.0 100.0 Labuan Pre-operating
+ Resorts World Limited 100.0 100.0 HK Pre-operating
Sri Highlands Express Sdn Bhd 100.0 100.0 Malaysia Pre-operating
Genting Sanyen Newsprint Sdn Bhd - 100.0 Malaysia Liquidated
(In Member’s Voluntary Liquidation)
Maxitage Sdn Bhd - 100.0 Malaysia Liquidated
(In Member’s Voluntary Liquidation)

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45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Indirect Subsidiaries of the Company:
Awana Hotels & Resorts Management Sdn Bhd 100.0 100.0 Malaysia Provision of hotels and
resorts management
services
* DNA Electronics, Inc 82.1 82.1 United States of Development-stage
America (“US”) diagnostic company
involved in the
development of sample
preparation system for
the rapid isolation of
bacterial and fungal
pathogens directly from
blood
* DNAe Diagnostic Limited 82.1 82.1 United Kingdom Development of point-of-
(“UK”) care molecular devices
to diagnose bloodstream
infections
* DNAe Group Holdings Limited 82.1 82.1 UK Research & development
on technologies for
genetic analysis and
sequencing
* DNAe Oncology Limited 82.1 82.1 UK Development of
molecular diagnostics
technology for
oncological applications
Dragasac Limited 100.0 100.0 IOM Investments
Edith Grove Limited 100.0 100.0 IOM Investment holding
# Fujian Electric (Hong Kong) LDC 100.0 100.0 Cayman Islands Investment holding
(“Cayman”)
# Genting Assets, INC 100.0 100.0 US Investment holding
+ Genting CDX Singapore Pte Ltd 95.0 95.0 Singapore Oil & gas development
and production
+ Genting Energy Property Pte Ltd 95.0 95.0 Singapore Investment holding
Genting Industrial Holdings Limited 97.7 97.7 IOM Investment holding
Genting Laboratory Services Sdn Bhd 100.0 100.0 Malaysia To undertake the
collection, analysis and
testing of specimens,
samples and/or data for
research and evaluation
activities
+ Genting Lanco Power (India) Private Limited 74.0 74.0 India Provision of operation
and maintenance services
for power plant
+ Genting MultiModal Imaging Pte Ltd 100.0 - Singapore Investment holding,
licensing of intellectual
property and provision of
related services
+ Genting MZW Pte Ltd 100.0 100.0 Singapore Investment holding
+ Genting Oil & Gas Limited 95.0 95.0 IOM Investment holding
+ Genting Oil Kasuri Pte Ltd 95.0 95.0 Singapore Oil and gas exploration
and development
Genting Power China Limited 100.0 100.0 Bermuda Investment holding
+ Genting Power Holdings Limited 100.0 100.0 IOM Investment holding

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Indirect Subsidiaries of the Company: (cont’d)
+ Genting Power (India) Limited 100.0 100.0 Mauritius Investment holding
Genting Power Indonesia Limited 100.0 100.0 IOM Investment holding
+ Genting Sanyen Enterprise Management Services 100.0 100.0 China Provision of management
(Beijing) Co Ltd services
Genting Sanyen (Malaysia) Sdn Bhd 97.7 97.7 Malaysia Investment holding and
provision of management
services
Genting Sanyen Power (Labuan) Limited 100.0 100.0 Labuan Investment holding
+ Genting Singapore PLC (“Genting Singapore”) 52.8 52.9 IOM Investment holding
GOHL Capital Limited 100.0 100.0 IOM Financingvsjk
+ GP Renewables Pte Ltd 100.0 100.0 Singapore Investment holding
+ GP Wind (Jangi) Private Limited 100.0 100.0 India Generation and supply of
electric power
+ Green Synergy Holdings Pte Ltd 100.0 100.0 Singapore Investment holding
+ Green Synergy Limited 100.0 100.0 HK Investment holding
Lacustrine Limited 100.0 100.0 IOM Investments
+ Lestari Listrik Pte Ltd 57.9 57.9 Singapore Investment holding and
provision of investment
management services
# Meizhou Wan Power Production Holding Company, Ltd 100.0 100.0 Cayman Investment holding
Newquest Limited 100.0 100.0 IOM Investments
+ Newquest Resources Pte Ltd 100.0 100.0 Singapore Investment holding
Newquest Ventures Sdn Bhd 100.0 100.0 Malaysia Investment holding
North Crest Limited 100.0 - IOM Investment holding
+ Oriental Explorer Pte Ltd 95.0 95.0 Singapore Leasing of land rig
+ PT Lestari Banten Energi 55.0 55.0 Indonesia Generation and supply of
electric power
+ PT Lestari Properti Investama 95.0 95.0 Indonesia Property investment
+ PT Varita Majutama 95.0 95.0 Indonesia Oil palm plantation
+ Resorts World Las Vegas LLC 100.0 100.0 US Development of Resorts
World Las Vegas
# RW EB-5 RC, LLC 100.0 100.0 US Investment holding
# RWLV EB-5, LLC 100.0 100.0 US Investment holding
# RWLV Hotels EB-5, LLC 100.0 100.0 US Investment holding
# RWLV Hotels, LLC 100.0 100.0 US Investment holding
# RWLV, LLC 100.0 100.0 US Investment holding
+ Swallow Creek Limited 95.0 95.0 IOM Investment holding
+ Web Energy Ltd 100.0 100.0 Mauritius Investment holding
Dasar Pinggir (M) Sdn Bhd 97.7 97.7 Malaysia Dormantjkvbfj
Genting Bio-Oil Sdn Bhd 97.7 97.7 Malaysia Dormantjkvbfj
Genting Energy Sdn Bhd 97.7 97.7 Malaysia Dormantjkvbfj
Genting International Paper Limited 100.0 100.0 IOM Dormantjkvbfj
Genting Overseas Management Limited 100.0 100.0 IOM Dormantjkvbfj
+ Genting Power (M) Limited 100.0 100.0 IOM Dormantjkvbfj
+ Genting Property Limited 100.0 100.0 IOM Dormantjkvbfj
+ Lestari Energi Pte Ltd 100.0 100.0 Singapore Dormantjkvbfj
Oxalis Limited 100.0 100.0 IOM Dormantjkvbfj
Roundhay Limited 95.0 95.0 IOM Dormantjkvbfj
# DNAe Thermal Limited 82.1 82.1 UK Pre-operating

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Indirect Subsidiaries of the Company: (cont’d)
# Genting Leisure LLC 100.0 100.0 US Pre-operating
Genting Petroleum Ventures Limited 95.0 95.0 IOM Pre-operating
Genting Power International Limited 100.0 100.0 IOM Pre-operating
Genting Power Philippines Limited 100.0 100.0 IOM Pre-operating
Genting Sanyen Indonesia Limited 95.0 95.0 IOM Pre-operating
# GT Crest Holdings Limited 100.0 - UK Pre-operating
# NanoMR, LLC 82.1 82.1 US Pre-operating
# PT Lestari Banten Listrik 55.0 55.0 Indonesia Pre-operating
# Resorts World Las Vegas Hotels, LLC 100.0 100.0 US Pre-operating
# RW EB-5 Regional Center, LLC 100.0 100.0 US Pre-operating
# RW Las Vegas EB-5, LLC 100.0 100.0 US Pre-operating
# RW Las Vegas Hotels EB-5, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 1, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 2, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 3, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 4, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 5, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 6, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 7, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 8, LLC 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 9, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 1, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 2, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 3, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 4, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 5, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 6, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 7, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 8, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 9, LLC 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 10, LLC 100.0 100.0 US Pre-operating
# GP (Raigad) Pte Ltd (In Member’s Voluntary 100.0 100.0 Singapore In liquidation
Liquidation)
Genting Biofuels Sdn Bhd - 97.7 Malaysia Struck-off
Genting Newsprint Sdn Bhd - 100.0 Malaysia Struck-off
Genting Sanyen Incineration Sdn Bhd - 97.7 Malaysia Struck-off
Infomart Sdn Bhd (In Member’s Voluntary Liquidation) - 100.0 Malaysia Liquidated
Sahabat Alam Sdn Bhd (In Member’s - 97.7 Malaysia Liquidated
Voluntary Liquidation)
Subsidiaries of Genting Malaysia:
* ABC Biscayne LLC 49.3 49.3 US Letting of property
Aliran Tunas Sdn Bhd 49.3 49.3 Malaysia Provision of water
services at Genting
Highlands
+ Ascend International Holdings Limited 49.3 49.3 HK Provision of IT related
services and marketing
services; and investment
holding

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Malaysia: (cont’d)
Ascend Solutions Sdn Bhd 49.3 49.3 Malaysia Provision of IT and
consultancy services
Awana Vacation Resorts Development Berhad 49.3 49.3 Malaysia Proprietary time share
ownership scheme
# Bayfront 2011 Development, LLC 49.3 49.3 US Property development
+ BB Entertainment Ltd 38.5 38.5 Commonwealth Owner and operator of
of The Bahamas casino and hotel
(“Bahamas”)
# BB Investment Holdings Ltd 49.3 49.3 Bahamas Investment holding
# Bimini SuperFast Charter Limited 49.3 49.3 IOM Bareboat charterer
# Bimini SuperFast Limited 49.3 49.3 IOM Owner of sea vessels
# Bimini SuperFast Operations LLC 49.3 49.3 US Provision of support
services
Bromet Limited 49.3 49.3 IOM Investment holding
# Chelsea Court Limited 49.3 49.3 IOM Investment holding
+ Coastbright Limited 49.3 49.3 UK Casino operator
# Digital Tree (USA) Inc 49.3 49.3 US Investment holding
Eastern Wonder Sdn Bhd 49.3 49.3 Malaysia Support services
E-Genting Holdings Sdn Bhd 49.3 49.3 Malaysia Investment holding
First World Hotels & Resorts Sdn Bhd 49.3 49.3 Malaysia Hotel business
+ Freeany Enterprises Limited 49.3 49.3 UK Credit assessment on
behalf of fellow group
companies
Genasa Sdn Bhd 49.3 49.3 Malaysia Property development,
sale and letting of
apartment units
GENM Capital Berhad 49.3 49.3 Malaysia Issuance of private debt
securities
Genmas Sdn Bhd 49.3 49.3 Malaysia Sale and letting of land
Gensa Sdn Bhd 49.3 49.3 Malaysia Sale and letting of land
and property
Genting Administrative Services Sdn Bhd 49.3 49.3 Malaysia Investment holding
+ Genting Alderney Limited 49.3 49.3 Alderney Online gaming affiliate
Channel Islands business
* Genting Americas Holdings Limited 49.3 49.3 UK Investment holding
* Genting Americas Inc 49.3 49.3 US Investment holding
+ Genting Casinos Egypt Limited 49.3 49.3 UK Casino operator
+ Genting Casinos UK Limited 49.3 49.3 UK Casino and online gaming
operator
Genting Centre of Excellence Sdn Bhd 49.3 49.3 Malaysia Provision of training
services
Genting CSR Sdn Bhd 49.3 49.3 Malaysia Investment holding
Genting East Coast USA Limited 49.3 49.3 IOM Investment holding
Genting Entertainment Sdn Bhd 49.3 49.3 Malaysia Show agent
# Genting Florida LLC 49.3 49.3 US Investment holding
Genting Golf Course Bhd 49.3 49.3 Malaysia Condotel and hotel
business, golf resort and
property development

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45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Malaysia: (cont’d)
Genting Highlands Berhad 49.3 49.3 Malaysia Land and property
development
Genting Highlands Tours and Promotion Sdn Bhd 49.3 49.3 Malaysia Letting of land and
premises
Genting Ibico Holdings Limited 49.3 49.3 IOM Investment holding
Genting Information Knowledge Enterprise Sdn Bhd 49.3 49.3 Malaysia Research in software
development, provision
of IT and consultancy
services
+ Genting International Investment Properties (UK) 49.3 49.3 UK Property investment and
Limited development
+ Genting International Investment (UK) Limited 49.3 49.3 UK Investment holding
+ Genting International (UK) Limited 49.3 49.3 UK Investment holding
Genting Leisure Sdn Bhd 49.3 49.3 Malaysia Investment holding;
and creative, arts and
entertainment activities
# Genting Massachusetts LLC 49.3 49.3 US Investment holding
# Genting Nevada Inc 49.3 49.3 US Investment holding
+ Genting New York LLC 49.3 49.3 US Operator of a video
lottery facility
# Genting North America Holdings LLC 49.3 49.3 US Investment holding
Genting Project Services Sdn Bhd 49.3 49.3 Malaysia Provision of project
management
and construction
management services
+ Genting Properties (UK) Pte Ltd 49.3 49.3 Singapore Property investment
Genting Skyway Sdn Bhd 49.3 49.3 Malaysia Provision of cable car and
related support services
+ Genting Solihull Limited 49.3 49.3 UK Property investment and
development, investment
holding and hotel and
leisure facilities operator
+ Genting UK Plc 49.3 49.3 UK Investment holding
Genting (USA) Limited 49.3 49.3 IOM Investment holding
Genting Utilities & Services Sdn Bhd 49.3 49.3 Malaysia Provision of electricity
supply services at
Genting Highlands and
investment holding
Genting World Sdn Bhd 49.3 49.3 Malaysia Leisure and
entertainment business
Genting WorldCard Services Sdn Bhd 49.3 49.3 Malaysia Provision of loyalty
programme services
Genting Worldwide (Labuan) Limited 49.3 49.3 Labuan Offshore financing
Genting Worldwide Limited 49.3 49.3 IOM Investment holding
# Genting Worldwide Services Limited 49.3 49.3 UK Investment holding
Genting Worldwide (UK) Limited 49.3 49.3 IOM Investment holding
Gentinggi Sdn Bhd 49.3 49.3 Malaysia Investment holding
GHR Risk Management (Labuan) Limited 49.3 49.3 Labuan Offshore captive
insurance
+ Golden Site Limited 49.3 49.3 HK International sales and
marketing services
+ Golden Site Pte Ltd 49.3 49.3 Singapore International sales and
marketing services

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45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Malaysia: (cont’d)
# Hill Crest LLC 49.3 49.3 US Investment holding
Kijal Facilities Services Sdn Bhd 49.3 49.3 Malaysia Letting of its apartment
unit
Kijal Resort Sdn Bhd 49.3 49.3 Malaysia Property development
and property
management
Lafleur Limited 49.3 49.3 IOM Investment holding
Leisure & Cafe Concept Sdn Bhd 49.3 49.3 Malaysia Karaoke business
Lingkaran Cergas Sdn Bhd 49.3 49.3 Malaysia Provision of services at
Genting Highlands
Nature Base Sdn Bhd 49.3 49.3 Malaysia Provision of services at
Genting Highlands
Nedby Limited 49.3 49.3 IOM Investment holding
Netyield Sdn Bhd 49.3 49.3 Malaysia Provision of services at
Genting Highlands
Oakwood Sdn Bhd 49.3 49.3 Malaysia Property investment and
management
Orient Star International Limited 49.3 49.3 Bermuda Ownership and operation
of aircraft
Orient Wonder International Limited 49.3 49.3 Bermuda Ownership and operation
of aircraft
Papago Sdn Bhd 49.3 49.3 Malaysia Resort and hotel business
+ Park Lane Mews Hotel London Limited 49.3 49.3 UK Hotel operator
Possible Wealth Sdn Bhd 49.3 49.3 Malaysia International sales and
marketing services; and
investment holding
Resorts Facilities Services Sdn Bhd 49.3 49.3 Malaysia Property upkeep services
Resorts Tavern Sdn Bhd 49.3 49.3 Malaysia Land and property
development
* Resorts World Aviation LLC 49.3 49.3 US Owner of aeroplanes
Resorts World Capital Limited 49.3 49.3 IOM Investment holding
+ Resorts World Limited 49.3 49.3 IOM Investment holding and
investment trading
* Resorts World Miami LLC 49.3 49.3 US Property investment
* Resorts World Omni LLC 49.3 49.3 US Hotel business and
property management
Resorts World Properties Sdn Bhd 49.3 49.3 Malaysia Investment holding
Resorts World Tours Sdn Bhd 49.3 49.3 Malaysia Provision of tour and
travel related services
* Resorts World Travel Services Private Limited 49.3 49.3 India Travel agency
* RWBB Management Ltd 49.3 49.3 Bahamas Provision of casino
management services
* RWBB Resorts Management Ltd 49.3 49.3 Bahamas Provision of resort
management services
Seraya Mayang Sdn Bhd 49.3 49.3 Malaysia Investment holding
Setiaseri Sdn Bhd 49.3 49.3 Malaysia Letting of its apartment
units
Sierra Springs Sdn Bhd 49.3 49.3 Malaysia Investment holding
# Stanley Casinos Holdings Limited 49.3 49.3 UK Investment holding
# Stanley Overseas Holdings Limited 49.3 49.3 UK Investment holding

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Malaysia: (cont’d)
# Two Digital Trees LLC 49.3 49.3 US Investment holding
+ Vestplus (Hong Kong) Limited 49.3 49.3 HK Payment and collection
agent
Vestplus Sdn Bhd 49.3 49.3 Malaysia Sale and letting of
apartment units; and
payment and collection
agent
+ Waters Solihull Limited 49.3 - UK Restaurant operator
Widuri Pelangi Sdn Bhd 49.3 49.3 Malaysia Golf resort and hotel
business
WorldCard Services Sdn Bhd 49.3 49.3 Malaysia Provision of loyalty
programme services
+ Xi’an Ascend Software Technology Co., Ltd 49.3 49.3 China Research and
development and
provision of IT related
services
# Advanced Technologies Ltd 49.3 49.3 Dominica Dormantjkvbfj
# Annabel’s Casino Limited 49.3 49.3 UK Dormantjkvbfj
+ Apollo Genting London Limited 24.8 - UK Dormantjkvbfj
# Baychain Limited 49.3 49.3 UK Dormantjkvbfj
# Big Apple Regional Center, LLC 49.3 49.3 US Dormantjkvbfj
# C C Derby Limited 49.3 49.3 UK Dormantjkvbfj
+ Capital Casinos Group Limited 49.3 49.3 UK Dormantjkvbfj
# Capital Corporation (Holdings) Limited 49.3 49.3 UK Dormantjkvbfj
+ Capital Corporation Limited 49.3 49.3 UK Dormantjkvbfj
# Cascades Clubs Limited 49.3 49.3 UK Dormantjkvbfj
# Castle Casino Limited 49.3 49.3 UK Dormantjkvbfj
# Cotedale Limited 49.3 49.3 UK Dormantjkvbfj
# Crockfords Club Limited 49.3 49.3 UK Dormantjkvbfj
# Crockfords Investments Limited 49.3 49.3 Guernsey Dormantjkvbfj
# Cromwell Sporting Enterprises Limited 49.3 49.3 UK Dormantjkvbfj
# Digital Tree LLC 49.3 49.3 US Dormantjkvbfj
# Drawlink Limited 49.3 49.3 UK Dormantjkvbfj
# Gameover Limited 49.3 49.3 UK Dormantjkvbfj
Genas Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Genawan Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Gentas Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Gentasa Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Genting Irama Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
# Genting Las Vegas LLC 49.3 49.3 US Dormantjkvbfj
Gentinggi Quarry Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
# Harbour House Casino Limited 49.3 49.3 UK Dormantjkvbfj
Ikhlas Tiasa Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Jomara Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Merriwa Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
# MLG Investments Limited 49.3 49.3 UK Dormantjkvbfj
# Ocean Front Acquisition, LLC 49.3 49.3 US Dormantjkvbfj
# Palm Beach Club Limited 49.3 49.3 UK Dormantjkvbfj

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Malaysia: (cont’d)
# Palomino World (UK) Limited 49.3 49.3 UK Dormantjkvbfj
Space Fair Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
+ Stanley Leisure Group (Malta) Limited 49.3 49.3 Malta Dormantjkvbfj
# Stanley Leisure (Ireland) Unlimited Company 49.3 49.3 Ireland Dormantjkvbfj
# Stanley Online Limited 49.3 49.3 UK Dormantjkvbfj
Sweet Bonus Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
# Tameview Properties Limited 49.3 49.3 UK Dormantjkvbfj
# The Colony Club Limited 49.3 49.3 UK Dormantjkvbfj
# The Midland Wheel Club Limited 49.3 49.3 UK Dormantjkvbfj
# Tower Casino Group Limited 49.3 49.3 UK Dormantjkvbfj
# Tower Clubs Management Limited 49.3 49.3 UK Dormantjkvbfj
# Triangle Casino (Bristol) Limited 49.3 49.3 UK Dormantjkvbfj
Twinkle Glow Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Twinmatics Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
Vintage Action Sdn Bhd 49.3 49.3 Malaysia Dormantjkvbfj
# Westcliff Casino Limited 49.3 49.3 UK Dormantjkvbfj
# Westcliff (CG) Limited 49.3 49.3 UK Dormantjkvbfj
# Genting ePay Services Sdn Bhd 49.3 - Malaysia Pre-operating
# Genting Management Services LLC 49.3 49.3 US Pre-operating
# GTA Holding, Inc 49.3 49.3 US and Pre-operating
continued
into British
Columbia
# RWB Aviation Ltd (In Member’s Voluntary Liquidation) 49.3 49.3 Bermuda In liquidation
# Suzhou Ascend Technology Co., Limited (In Member’s 49.3 49.3 China In liquidation
Voluntary Liquidation)
Cascades Casinos Limited - 49.3 UK Dissolved
Genting Interactive Limited - 49.3 UK Dissolved
International Sporting Club (London) Limited - 49.3 UK Dissolved
R.W. Investments Limited - 49.3 IOM Dissolved
William Crockford Limited - 49.3 UK Dissolved
Worthchance Limited - 49.3 UK Dissolved
~ E-Genting Sdn Bhd - 49.3 Malaysia Disposed
Subsidiaries of Genting Plantations:
# ACGT Intellectual Limited 49.2 49.8 British Virgin Genomics research and
Islands (“BVI”) development
ACGT Sdn Bhd 49.2 49.8 Malaysia Genomics research
and development and
providing plant screening
services
+ Asian Palm Oil Pte Ltd 51.6 52.2 Singapore Investment holding
+ AsianIndo Agri Pte Ltd 51.6 52.2 Singapore Investment holding
+ AsianIndo Holdings Pte Ltd 51.6 52.2 Singapore Investment holding
+ AsianIndo Palm Oil Pte Ltd 51.6 52.2 Singapore Investment holding
Asiaticom Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation
# Azzon Limited 51.6 52.2 IOM Investment holding

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31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Plantations: (cont’d)
Benih Restu Berhad 51.6 52.2 Malaysia Issuance of debt
securities under Sukuk
programme
+ Borneo Palma Mulia Pte Ltd 38.0 38.4 Singapore Investment holding
+ Cahaya Agro Abadi Pte Ltd 38.0 38.4 Singapore Investment holding
# Degan Limited 49.2 49.8 IOM Investment holding
Esprit Icon Sdn Bhd 51.6 52.2 Malaysia Property development
and property investment
# GBD Holdings Limited 51.6 52.2 Cayman Investment holding
GENP Services Sdn Bhd 51.6 52.2 Malaysia Provision of management
services
Genting AgTech Sdn Bhd 51.6 52.2 Malaysia Research and
development and
production of superior oil
palm planting materials
Genting Awanpura Sdn Bhd 51.6 52.2 Malaysia Provision of technical and
management services
Genting Biodiesel Sdn Bhd 51.6 52.2 Malaysia Manufacture and sale of
biodiesel
Genting Biorefinery Sdn Bhd 38.7 39.1 Malaysia Manufacture and sale
of downstream palm oil
derivatives
# Genting Bioscience Limited 51.6 52.2 IOM Investment holding
Genting Biotech Sdn Bhd 51.6 52.2 Malaysia Investment holding
Genting Indahpura Development Sdn Bhd 51.6 52.2 Malaysia Property development
Genting Land Sdn Bhd 51.6 52.2 Malaysia Property investment
Genting MusimMas Refinery Sdn Bhd 37.1 37.6 Malaysia Refining and selling of
palm oil products
Genting Oil Mill Sdn Bhd 51.6 52.2 Malaysia Processing of fresh fruit
bunches
Genting Plantations (WM) Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation
Genting Property Sdn Bhd 51.6 52.2 Malaysia Property development
Genting SDC Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation and
processing of fresh fruit
bunches
Genting Tanjung Bahagia Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation
+ Global Agri Investment Pte Ltd 32.6 33.0 Singapore Investment holding
Global Bio-Diesel Sdn Bhd 51.6 52.2 Malaysia Investment holding
+ GlobalIndo Holdings Pte Ltd 32.6 33.0 Singapore Investment holding
# GP Overseas Limited 51.6 52.2 IOM Investment holding
GProperty Construction Sdn Bhd 51.6 52.2 Malaysia Provision of project
management services
+ Kara Palm Oil Pte Ltd 51.6 52.2 Singapore Investment holding
+ Ketapang Agri Holdings Pte Ltd 38.0 38.4 Singapore Investment holding
+ Knowledge One Investments Pte Ltd 51.6 - Singapore Investment holding
Landworthy Sdn Bhd 43.3 43.8 Malaysia Oil palm plantation
Mediglove Sdn Bhd 51.6 52.2 Malaysia Investment holding
Orbit Crescent Sdn Bhd 51.6 52.2 Malaysia Investment holding
+ Palm Capital Investment Pte Ltd 38.0 38.4 Singapore Investment holding
+ Palma Citra Investama Pte Ltd 38.0 38.4 Singapore Investment holding

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 187
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Plantations: (cont’d)
Palma Ketara Sdn Bhd 51.6 52.2 Malaysia Investment holding
+ PalmIndo Holdings Pte Ltd 38.0 38.4 Singapore Investment holding
PalmIndo Sdn Bhd 51.6 52.2 Malaysia Investment holding
+ PT Agro Abadi Cemerlang 36.1 36.5 Indonesia Oil palm plantation
+ PT Citra Sawit Cemerlang 36.1 36.5 Indonesia Oil palm plantation
+ PT Dwie Warna Karya 49.0 49.6 Indonesia Oil palm plantation and
processing of fresh fruit
bunches
+ PT Genting Plantations Nusantara 51.6 52.2 Indonesia Provision of management
services
+ PT GlobalIndo Agung Lestari 31.0 31.3 Indonesia Oil palm plantation and
processing of fresh fruit
bunches
+ PT Kapuas Maju Jaya 49.0 49.6 Indonesia Oil palm plantation
+ PT Kharisma Inti Usaha 43.8 - Indonesia Oil palm plantation and
processing of fresh fruit
bunches
+ PT Palma Agro Lestari Jaya 36.1 36.5 Indonesia Oil palm plantation
+ PT Sawit Mitra Abadi 36.1 36.5 Indonesia Oil palm plantation
+ PT Sepanjang Intisurya Mulia 36.1 36.5 Indonesia Oil palm plantation and
processing of fresh fruit
bunches
+ PT Surya Agro Palma 36.1 36.5 Indonesia Oil palm plantation
+ PT Susantri Permai 49.0 49.6 Indonesia Oil palm plantation
+ PT United Agro Indonesia 31.0 31.3 Indonesia Oil palm plantation
+ Sandai Maju Pte Ltd 38.0 38.4 Singapore Investment holding
+ Sanggau Holdings Pte Ltd 38.0 38.4 Singapore Investment holding
Sawit Sukau Usahasama Sdn Bhd 28.8 29.2 Malaysia Oil palm plantation
Setiamas Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation and
property development
SPC Biodiesel Sdn Bhd 51.6 52.2 Malaysia Manufacture and sale of
biodiesel
+ Sri Nangatayap Pte Ltd 38.0 38.4 Singapore Investment holding
Sunyield Success Sdn Bhd 51.6 52.2 Malaysia Investment holding
Technimode Enterprises Sdn Bhd 51.6 52.2 Malaysia Property investment
Trushidup Plantations Sdn Bhd 51.6 52.2 Malaysia Investment holding
+ Universal Agri Investment Pte Ltd 32.6 33.0 Singapore Investment holding
Wawasan Land Progress Sdn Bhd 51.6 52.2 Malaysia Oil palm plantation
Aura Empire Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Cengkeh Emas Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Dianti Plantations Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Genting Commodities Trading Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Genting Vegetable Oils Refinery Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Glugor Development Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
# Grosmont Limited 51.6 52.2 IOM Dormantjkvbfj
Hijauan Cergas Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Kenyalang Borneo Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Kinavest Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Larisan Prima Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj

ANNUAL REPORT 2017 | GENTING BERHAD

188 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Plantations: (cont’d)
Profile Rhythm Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Unique Upstream Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Zillionpoint Project Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
Zillionpoint Vision Sdn Bhd 51.6 52.2 Malaysia Dormantjkvbfj
# ACGT Global Pte Ltd 51.6 52.2 Singapore Pre-operating
# ACGT Singapore Pte Ltd 51.6 52.2 Singapore Pre-operating
+ Full East Enterprise Limited 51.6 52.2 HK Pre-operating
# Genting AgTech Singapore Pte Ltd 51.6 52.2 Singapore Pre-operating
# GP Equities Pte Ltd 51.6 52.2 Singapore Pre-operating
# Ketapang Holdings Pte Ltd 38.0 38.4 Singapore Pre-operating
# Sri Kenyalang Pte Ltd 51.6 52.2 Singapore Pre-operating
+ PT GlobalIndo Investama Lestari - 31.3 Indonesia Disposed
+ PT Permata Sawit Mandiri - 36.5 Indonesia Disposed
+ South East Asia Agri Investment Pte Ltd - 33.0 Singapore Disposed
GBD Ventures Sdn Bhd - 52.2 Malaysia Dissolved
Subsidiaries of Genting Singapore:
# Acorn Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
+ Adriana Limited 52.8 52.9 IOM Sales coordinator for the
leisure and hospitality
related business
+ Algona Pte Ltd 52.8 52.9 Singapore Investment holding
# BayCity Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
# Bestlink Global International Limited 52.8 52.9 BVI Investment holding
# BlueBell Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 189
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Singapore: (cont’d)
+ Bradden Pte Ltd 52.8 52.9 Singapore Investment holding
+ Calidone Limited 52.8 52.9 IOM Investment holding and
sales co-ordinator for the
leisure and hospitality
related business
+ Dynamic Sales Investments Limited 52.8 52.9 BVI Investment holding
+ Genting Integrated Resorts Management Pte Ltd 52.8 52.9 Singapore Provision of
management and
operations services for
integrated resort
+ Genting Integrated Resorts Operations Management 52.8 52.9 Singapore Provision of resort
Pte Ltd management and
consultancy services
+ Genting Integrated Resorts (Singapore) II Pte Ltd 52.8 52.9 Singapore Provision of management
and operations services
for integrated resort
+ Genting Integrated Resorts (Singapore) III Pte Ltd 52.8 52.9 Singapore Provision of management
and operations services
for integrated resort
# Genting International Corp 52.8 52.9 US Investmentj
+ Genting International Gaming & Resort Technologies 52.8 52.9 Singapore Providing information
Pte Ltd technology services
relating to the gaming
and resort industry
+ Genting International Japan Co., Ltd 52.8 52.9 Japan Marketing and promotion
of resort destinations
+ Genting International Management Limited 52.8 52.9 IOM Investment holding and
ownership of intellectual
property rights
+ Genting International Management Services Pte Ltd 52.8 52.9 Singapore Investment holding
+ Genting International Resorts Management Limited 52.8 52.9 IOM Investment holding
Genting International Sdn Bhd 52.8 52.9 Malaysia Provision of management
services
+ Genting International Services (HK) Limited 52.8 52.9 HK Investment holding
+ Genting International Services Singapore Pte Ltd 52.8 52.9 Singapore Provision of international
sales and marketing
services and corporate
services
* Genting International Services (Thailand) Limited 48.0 48.1 Thailand Carrying on the activities
of marketing, public
relations and promoting
the business relating to
the leisure and hospitality
sector, excluding direct
sales to customers
+ Genting International (Singapore) Pte Ltd 52.8 52.9 Singapore Tour promotion
+ Genting Singapore Aviation 52.8 52.9 Cayman Purchasing, owning and
operating of aircrafts
for passenger air
transportation

ANNUAL REPORT 2017 | GENTING BERHAD

190 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Singapore: (cont’d)
+ Grand Knight International Limited 52.8 52.9 BVI Investment holding
+ Greenfield Resources Capital Limited 52.8 52.9 BVI Investment holding
+ GSHK Capital Limited 52.8 52.9 HK Provision of marketing
coordination and
promotion services for
resorts, hotels and other
facilities owned by related
companies
+ Landsdale Pte Ltd 52.8 52.9 Singapore Investment holding
+ Legold Pte Ltd 52.8 52.9 Singapore Investment holding
# MoonLake Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
* North Spring Capital Blue LLC 52.8 52.9 Mongolia Real estate activities and
management consulting
* North Spring Capital Mongolia LLC 52.8 52.9 Mongolia Buying, leasing, selling,
renting immovable
properties, foreign
trading activities and
business consulting
+ Northspring Capital Ltd 52.8 52.9 BVI Investment holding
# Northspring International Ltd 52.8 52.9 BVI Investment holding
# Northspring Management Ltd 52.8 52.9 BVI Investment holding
+ Phoenix Express Limited 52.8 52.9 BVI Investment holding and
sales co-ordinator for the
leisure and hospitality
related business
+ PineGlory Pte Ltd 52.8 52.9 Singapore Investment holding
+ Poppleton Limited 52.8 52.9 BVI Investment holding
+ Prestelle Pte Ltd 52.8 52.9 Singapore Investment holding
+ Prospero Development Limited 52.8 52.9 BVI Investment holding
+ Prospero Global Holding Pte Ltd 52.8 52.9 Singapore Investment holding
+ Resorts World at Sentosa Pte Ltd 52.8 52.9 Singapore Development and
operation of an integrated
resort at Sentosa
Resorts World at Sentosa Sdn Bhd 52.8 52.9 Malaysia Hotel, resort and leisure
related activities

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 191
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Singapore: (cont’d)
# Resorts World Japan Co., Ltd 52.8 52.9 Japan Investment holding;
Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
# Resorts World Osaka Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
+ Resorts World Properties Pte Ltd 52.8 52.9 Singapore Investment holding
+ Resorts World Properties II Pte Ltd 52.8 52.9 Singapore Constructing and
operating a fish farm
# Resorts World Tokyo Co., Ltd 52.8 52.9 Japan Investment holding;
Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
+ Star Eagle Holdings Limited 52.8 52.9 BVI Investment holding
# StarLight Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests

ANNUAL REPORT 2017 | GENTING BERHAD

192 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Subsidiaries of Genting Singapore: (cont’d)
# SunLake Co., Ltd 52.8 52.9 Japan Development and
management of
integrated resort and
leisure destinations;
Marketing and promotion
of integrated resort and
leisure destinations;
Investments and
management of real
estate and trust
beneficiary interests
+ Tamerton Pte Ltd 52.8 52.9 Singapore Hotel developer and
owner
+ Trevena Limited 52.8 52.9 BVI Investment holding
# Genting Integrated Resorts (Singapore) Pte Ltd 52.8 52.9 Singapore Pending striking-off
# Genting Singapore Aviation III Ltd (In Members’ 52.8 52.9 Bermuda In liquidation
Voluntary Liquidation)
# Bestlink Global Holding Pte Ltd - 52.9 Singapore Struck-off
# Equarius Resort Sdn Bhd - 52.9 Malaysia Struck-off
# Maxims Clubs Sdn Bhd - 52.9 Malaysia Struck-off
# Northspring Resources Ltd - 52.9 BVI Struck-off
# Blackford Limited - 52.9 HK Dissolved
# Fitzroy Limited - 52.9 HK Dissolved
# Genting International Limited - 52.9 IOM Dissolved
Genting Singapore Aviation Management - 52.9 Cayman Dissolved
# Genting Star Limited - 52.9 BVI Dissolved solved
# Medo Investment Pte Ltd - 52.9 Singapore Dissolved
# Medo Limited - 52.9 IOM Dissolved
# Northspring Global Ltd - 52.9 BVI Dissolved solved
# Palomino Limited - 52.9 IOM Dissolved
# Palomino Sun Limited - 52.9 IOM Dissolved
# Resorts World Marketing Pte Ltd - 52.9 Singapore Dissolved olved
# WorldCard Overseas Holdings Limited - 52.9 IOM Dissolved
# Claremont Co., Ltd - 52.9 Korea Dissolved and liquidated
# Callisto Business Limited - 52.9 BVI Disposed
# Happy Bay Pte Ltd - 52.9 Singapore Disposed
Joint Ventures
Joint ventures of the Company:
~ E-Genting Sdn Bhd 50.0 - Malaysia Research in software
development, provision of
information technology
and consultancy services
+ FreeStyle Gaming Limited 50.0 50.0 HK Interactive and online
software solutions
including intranet
solutions
FreeStyle Gaming Pte Ltd 50.0 - Singapore Provision of interactive
gaming solutions
including intranet gaming
solutions

GENTING BERHAD | ANNUAL REPORT 2017

 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 193
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Joint ventures of the Company: (cont’d)
* Fujian Pacific Electric Company Limited 49.0 49.0 China Generation and supply of
electric power
# Genting U.S. Interactive Gaming Inc 50.0 50.0 US Investment holding
+ Resorts World Inc Pte Ltd 50.0 50.0 Singapore Investment holding
# RW Services Inc 50.0 50.0 US Provision of technical and
consulting services and
programme management
+ RW Services Pte Ltd 50.0 50.0 Singapore Provision of technical and
consulting services and
programme management
and licensing of
intellectual property
and provision of related
services
RW Tech Labs Sdn Bhd 50.0 50.0 Malaysia Provision of management
services
# RWI International Investments Limited 50.0 50.0 BVI Investment holding
* SDIC Genting Meizhou Wan Electric Power Company 49.0 49.0 China Generation and supply of
Limited electric power
# Genting Nevada Interactive Gaming LLC 50.0 50.0 US Pre-operating
Joint ventures of Genting Malaysia:
+ Apollo Genting London Limited - 24.7 UK Dormant
Genting INTI Education Sdn Bhd - 18.5 Malaysia Dissolved
Joint ventures of Genting Plantations:
Genting Highlands Premium Outlets Sdn Bhd 25.8 26.1 Malaysia Development, ownership
and management of
outlet shopping centres
Genting Simon Sdn Bhd 25.8 26.1 Malaysia Development, ownership
and management of
outlet shopping centres
# Simon Genting Limited 25.8 26.1 IOM Investment holding
Joint ventures of Genting Singapore:
+ DCP (Sentosa) Pte Ltd 42.2 42.3 Singapore Construction,
development and
operation of a district
cooling plant supplying
chilled water for air-
conditioning needs at
Sentosa
# AutumnGlow Pte Ltd - 26.4 Singapore Disposed
Associates
Associates of the Company:
* Applied Proteomics, Inc 18.6 18.6 US Development of non-
invasive, blood-based
tests using its innovative
proteomics-based
technology platform
# CorTechs Labs, Inc 23.7 23.8 US Develop and market
medical device software
and web-based
teleradiology applications
and services

ANNUAL REPORT 2017 | GENTING BERHAD

194 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2017

45. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)

Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2017 2016
Associates of the Company: (cont’d)
* Lanco Kondapalli Power Limited 15.3^ 31.9 India Generation and supply of
electric power
* Lanco Tanjore Power Company Limited 41.6 41.6 India Generation and supply of
electric power
# MultiModal Imaging Services Corporation 22.8 - US Analysis of multimodal
imaging
* Nova Satra Dx Pte Ltd 33.4 - Singapore Manufacture of medical
research and clinical
diagnostic instruments
and supplies
* TauRx Pharmaceuticals Ltd 20.6 20.6 Singapore Development of
novel treatments
and diagnostics for
Alzheimer’s disease and
other neurodegenerative
diseases
Associate of Genting Malaysia:
+ Waters Solihull Limited - 25.1 UK Restaurant operator
Associates of Genting Plantations:
* Serian Palm Oil Mill Sdn Bhd 20.6 20.9 Malaysia Processing of fresh fruit
bunches
Setiacahaya Sdn Bhd@ 25.8 26.1 Malaysia Property investment
* Sri Gading Land Sdn Bhd 25.3 25.6 Malaysia Property development
Asiatic Ceramics Sdn Bhd (In Liquidation) 25.3 25.6 Malaysia In liquidation
Associates of Genting Singapore:
* Landing Jeju Development Co., Ltd - 26.4 Korea Disposed
# Landing L&B LLC - 26.4 Korea Disposed

* The financial statements of these companies are audited by firms other than the auditors of the Company.

+ The financial statements of these companies are audited by member firms of PricewaterhouseCoopers International
Limited which are separate and independent legal entities from PricewaterhouseCoopers PLT, Malaysia.

# These entities are either exempted or have no statutory audit requirement.

@ This entity is a subsidiary of the Company with an effective percentage of ownership of 75.8%. It is held by the Company
as a direct subsidiary and Genting Plantations as an associate with the effective percentage of ownership of 50.0% and
25.8% respectively.

^ Reclassified to available-for-sale financial assets.

~ Ceased as a subsidiary and become a joint venture in 2017.

46. APPROVAL OF FINANCIAL STATEMENTS

The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 27 February
2018.

GENTING BERHAD | ANNUAL REPORT 2017

 STATEMENT ON DIRECTORS’ RESPONSIBILITY 195
PURSUANT TO PARAGRAPH 15.26(a) OF THE LISTING
REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
As required under the Companies Act 2016 (“Act”) in Malaysia, the Directors of Genting Berhad have made a statement
expressing an opinion on the financial statements. The Board is of the opinion that the financial statements have been drawn
up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2017 and
of the financial performance of the Group and of the Company for the financial year ended on that date in accordance with
Financial Reporting Standards, the MASB Approved Accounting Standards in Malaysia for Entities Other Than Private Entities
and comply with the requirements of the Act.

In the process of preparing these financial statements, the Directors have reviewed the accounting policies and practices to
ensure that they were consistently applied throughout the financial year. In cases where judgement and estimates were made,
they were based on reasonableness and prudence.

Additionally, the Directors have relied on the systems of risk management and internal control to ensure that the information
generated for the preparation of the financial statements from the underlying accounting records is accurate and reliable.

This statement is made in accordance with a resolution of the Board dated 27 February 2018.

STATUTORY DECLARATION
PURSUANT TO SECTION 251(1) OF THE COMPANIES ACT
2016
I, CHONG KIN LEONG, the Officer primarily responsible for the financial management of GENTING BERHAD, do solemnly
and sincerely declare that the financial statements set out on pages 89 to 194 are, to the best of my knowledge and belief,
correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the
Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed )

CHONG KIN LEONG at KUALA LUMPUR in the ) CHONG KIN LEONG
State of FEDERAL TERRITORY on 27 February 2018 )

Before me,

TAN SEOK KETT

Commissioner for Oaths
Kuala Lumpur

ANNUAL REPORT 2017 | GENTING BERHAD

196 INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Our opinion

In our opinion, the financial statements of Genting Berhad (“the Company”) and its subsidiaries (“the Group”) give
a true and fair view of the financial position of the Group and of the Company as at 31 December 2017, and of their
financial performance and their cash flows for the financial year then ended in accordance with Financial Reporting
Standards and the requirements of the Companies Act 2016 in Malaysia.

What we have audited

We have audited the financial statements of the Group and of the Company, which comprise the statements
of financial position as at 31 December 2017 of the Group and of the Company, and the income statements, the
statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group
and of the Company for the financial year then ended, and notes to the financial statements, including a summary of
significant accounting policies, as set out on pages 89 to 194.

Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing. Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the
audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence and other ethical responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics,
Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other
ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Our audit approach

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements of Group and the Company. In particular, we considered where the Directors made subjective
judgements; for example, in respect of significant accounting estimates that involved making assumptions
and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of
management override of internal controls, including among other matters, consideration of whether there was
evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group and of the Company, the accounting
processes and controls, and the industry in which the Group and the Company operate.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the Group and of the Company for the current financial year. These matters were addressed
in the context of our audit of the financial statements of the Group and of the Company as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matters How our audit addressed the key audit matters
Impairment assessment of the exploration costs in
Oil & Gas segment

As at 31 December 2017, the Group’s carrying amount
of exploration costs and goodwill arising from the
Kasuri block operation in Indonesia amounted to
RM3,016.4 million and RM118.1 million, respectively.
The exploration costs and the goodwill are allocated to
two cash generating units (“CGU”) – Asap, Merah and
Kido (“AMK”) fields and other fields (“Others”).
We performed the following audit procedures for each of the
CGU:
(i) AMK
• Agreed the cash flows used in the value in use (“VIU”)
calculation to the cash flow forecast for impairment
assessment approved by the Board.

• Compared the gas price and price escalation to

available data and externally available benchmarks.

PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), Chartered Accountants,

Level 10, 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral, P.O. Box 10192, 50706 Kuala Lumpur, Malaysia
T: +60 (3) 2173 1188, F: +60 (3) 2173 1288, www.pwc.com/my

PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146) was registered on 02.01.2018 and with effect from that date, PricewaterhouseCoopers (AF 1146), a conventional
partnership was converted to a limited liability partnership.

GENTING BERHAD | ANNUAL REPORT 2017

INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)
Key audit matters (cont’d)
Key audit matters
Impairment assessment of the exploration costs in
Oil & Gas segment (cont’d)
We focused on this area due to the quantum of the
carrying amount of the exploration costs and goodwill,
which represented 5.3% of the Group’s total non-
current assets and the significant assumptions used
by management in their impairment assessment on
the recoverability of exploration costs specifically the
gas price and price escalation, discount rate and gas
reserves for the AMK CGU and significant judgement
on existence of impairment indicators for the Others
CGU.
The disclosures are included in Notes 2(a), 20 and 21
to the financial statements.
Impairment of trade receivables arising from
Genting Singapore PLC (“Genting Singapore”)
Group
The impairment of trade receivables is a key audit
matter as significant judgement is involved in
evaluating the credit risk of casino debtors with
outstanding debts and determining whether the trade
receivables should be impaired. As at 31 December
2017, allowance for impairment amounts to RM473.3
million and an impairment charge of RM149.5 million
is recognised for the year ended 31 December 2017.
Majority of the gross trade receivables are related to
casino debtors.
The disclosures are included in Notes 2(a) and 4(a) to
the financial statements.
197
How our audit addressed the key audit matters
(i) AMK (cont’d)
• Checked the reasonableness of the discount
rate with assistance from our valuation experts
by benchmarking to the similar oil and gas
companies and recalculating the discount rates
independently.
• Agreed the reserve volume to the reserve
estimates prepared by independent oil and gas
reserve experts.
• Assessed the competency and objectivity of
the independent oil and gas reserve experts
who computed the gas reserve estimates by
considering their professional qualifications and
experience.
• Checked the sensitivity analysis performed by
management on the discount rate and gas price
assumption to determine whether reasonable
changes on these key assumptions would result
in the carrying amounts of the CGU to exceed its
recoverable amount.
(ii) Others
• Checked that the right to explore does not expire
in the near future.
• Agreed management’s assessment to the gas
reserve estimates prepared by independent oil
and gas reserve experts.
• Assessed the competency and objectivity of
the independent oil and gas reserve experts
who computed the gas reserve estimates by
considering their professional qualifications and
experience.
• Discussed with management the planned
activities for this CGU and compared that to
budgeted capital expenditures for this CGU.
Based on the procedures performed above, we did not find
any material exceptions to the assumptions made by the
Directors.
We performed the following audit procedures:
• Updated our understanding of the process over credit
assessment and approval, and impairment assessment
of trade receivables.
• Tested the operating effectiveness of relevant manual
and automated controls comprising the following:
a) Checked on a sampling basis that credit
assessment has been appropriately completed
in accordance with Genting Singapore Group’s
standard operating procedures for casino players
with credit granted;
b) Checked on a sampling basis the authorisation
of credit based on Genting Singapore Group’s
approval matrix for credit transactions; and
ANNUAL REPORT 2017 | GENTING BERHAD
198 INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)
Key audit matters (cont’d)
Key audit matters
Impairment of trade receivables arising from
Genting Singapore PLC (“Genting Singapore”)
Group (cont’d)
Impairment assessment of intangible assets
(including goodwill) with indefinite useful lives
relating to the Group’s United Kingdom operations
The aggregate carrying value of the Group’s goodwill,
casino licences and trademarks in relation to its United
Kingdom (“UK”) operations amounted to RM2,293.5
million as at 31 December 2017.
We focused on this area due to the magnitude of the
carrying value of these UK intangible assets (including
goodwill) with indefinite useful lives as they comprised
38.8% of the total intangible assets of the Group
which are subject to annual impairment assessment.
The impairment assessment performed by
management involved significant degree of
judgements and assumptions on growth rate and
discount rate used.
Arising from the impairment assessment, impairment
loss for intangible assets with indefinite lives and
property, plant and equipment of RM161.4 million and
RM2.0 million respectively are recorded in the current
financial year.
The disclosures are included in Notes 2(a), 8 and 20 to
the financial statements.
GENTING BERHAD | ANNUAL REPORT 2017
How our audit addressed the key audit matters
c) Read the minutes of all the meetings of Genting
Singapore Group’s Credit Committee (which is
responsible for the monitoring of trade receivables
and approval of impairment provisions) and checked
that monitoring and credit risk assessment are
performed.
• Held discussions with the chairperson of Genting
Singapore Group’s Credit Committee about selected
past due trade receivables to understand the judgement
exercised in assessing the collectability of these trade
receivables, particularly on trade receivables that are past
due but not impaired.
• Read the credit evaluation and monitoring files of selected
casino debtors.
• Assessed the appropriateness of provision for impairment
based on historical trend of collections and external data
on those selected casino debtors.
Based on the above procedures performed, we are satisfied
that the assumptions used in management’s assessment are
appropriate.
With respect to the appropriateness of the key assumptions
used in the value in use calculations, we performed the
following procedures:
• Assessed management’s basis for the value in use cash
flows by reference to the 2018 budget approved by the
Directors.
• Checked that the growth rate did not exceed the growth
rates for the leisure and hospitality industry in which
the CGUs operate and are consistent with the forecasts
included in industry reports.
• Checked the discount rate used by comparing the rate
used to comparable industries and market information in
UK.
• Checked sensitivity analysis performed by management
on the growth rate and discount rate to determine
whether reasonable changes on these key assumptions
would result in the carrying amounts of individual CGUs to
exceed their recoverable amounts.
In testing the recoverable amount based on fair value less cost
to sell, we performed the following procedures:
• Evaluated the independence and competency of the
external valuer.
• Evaluated the methodology and key assumptions used
by an independent external valuer in the valuation
based on our knowledge of the industry and checked the
comparability of the input data used to current industry
data.
Based on the above procedures performed, we noted the
results of management’s impairment assessment to be
consistent with the outcome of our procedures.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)
Key audit matters (cont’d)
Key audit matters
Impairment assessment of property, plant and
equipment and casino licences related to the
Group’s leisure and hospitality segment in
Bahamas
The Group has property, plant and equipment and
casino licences (definite life) related to its Bahamas
operations with aggregate carrying values of
RM1,360.3 million as at 31 December 2017.
We focused on this area due to continued losses
recorded since the commencement of the Bahamas
operations in 2013 which is an impairment indicator.
The impairment assessment performed by
management based on value in use method involved
significant estimates towards future results of the
business, in particular, the key assumptions on growth
rate and discount rates used in the future cash flow
forecasts.
Refer to Notes 15 and 20 of the financial statements.
Recoverability of investment in unquoted
promissory notes issued by Mashpee Wampanoag
Tribe arising from Genting Malaysia Berhad
(“Genting Malaysia”) Group
As at 31 December 2017, the Group has invested in
a total of RM1,584.1 million in unquoted promissory
notes issued by Mashpee Wampanoag Tribe (“Tribe”)
which includes interest receivables of RM278.5 million.
We focused on this area because the carrying amount
of the promissory notes as it comprises 30.9% of the
Group’s other non-current assets at 31 December
2017 and the recoverability of the promissory notes is
dependent on the following:
(a) outcome of the pending legal case and/or review
by the relevant government authorities allowing
the Tribe to have land in trust for a destination
resort casino development; and
(b) ability of the Tribe to repay the promissory notes
from the cash flows of the destination resort
casino when it is operational.
Based on the assessment performed by management,
no impairment was considered necessary as the
promissory notes is expected to be fully recovered
from the projected cash flows of the destination
casino resort.
Refer to Notes 2(a) and 27 of the financial statements.
We have determined that there are no key audit matters to communicate in our report which arose from the audit
of the financial statements of the Company.
Information other than the financial statements and auditors’ report thereon
The Directors of the Company are responsible for the other information. The other information comprises the
Directors’ Report, Statement of Risk Management and Internal Control, Corporate Governance Statement, Audit
Committee Report, Management’s Discussion and Analysis of Business Operations and Financial Performance,
Sustainability Statement and other sections of the 2017 Annual Report, but does not include the financial
statements of the Group and of the Company and our auditor’s report thereon.
199
How our audit addressed the key audit matters
With respect to the reliability of management’s use of key
assumptions in the cash flow projections to determine
the value in use calculations, we performed the following
procedures:
• Assessed the growth rate used by management by
comparing to current industry trends.
• Checked the discount rates used by comparing the rate
used to comparable industry and market information.
• Independently performed sensitivity analysis on the
growth rate and discount rates to corroborate that any
reasonable changes on these key assumptions would
not give rise to an impairment loss.
Based on the above procedures performed, we noted the
results of management’s impairment assessment to be
consistent with the outcome of our procedures.
We performed the following procedures to check
management’s assessment of the recoverability of
promissory notes:
• Discussed with Genting Malaysia Group’s internal
legal counsel responsible for US operations to
understand the status and development of the pending
legal case and review by the relevant government
authorities on the Tribe’s rights to retain land in trust
for a destination resort casino development.
• Evaluated the competency, qualifications, experience
and objectivity of management’s external legal expert.
• Discussed with management and management’s
external legal expert to obtain their views relating to
the development of pending legal case and review by
the relevant government authorities on Tribe’s rights
to retain land in trust land and viability of options
under review by the Tribe.
• Evaluated the basis and key assumptions used by
management in estimating the amount and timing
of the expected cash flows for the recoverability of
promissory notes.
Based on the above procedures, the results of our
evaluation of recoverability of promissory notes is
consistent with the facts and circumstances available
at year end.
ANNUAL REPORT 2017 | GENTING BERHAD
200 INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)

Information other than the financial statements and auditors’ report thereon (cont’d)

Our opinion on the financial statements of the Group and of the Company does not cover the other information and
we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to
read the other information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements of the Group and of the Company or our knowledge obtained in the audit
or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the financial statements

The Directors are responsible for the preparation of the financial statements of the Group and of the Company that
give a true and fair view in accordance with Financial Reporting Standards and the requirements of the Companies
Act 2016 in Malaysia. The Directors are also responsible for such internal control as the Directors determine is
necessary to enable the preparation of financial statements of the Group and of the Company that are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing
the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the
Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the
Company, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s and the Company’s internal control.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Directors.

(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s or the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures
in the financial statements of the Group and of the Company or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report.
However, future events or conditions may cause the Group or the Company to cease to continue as a going
concern.

(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the
Company, including the disclosures, and whether the financial statements of the Group and of the Company
represent the underlying transactions and events in a manner that achieves fair presentation.

GENTING BERHAD | ANNUAL REPORT 2017

INDEPENDENT AUDITORS’ REPORT 201
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
(Company No.7916-A)

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)

Auditors’ responsibilities for the audit of the financial statements (cont’d)

(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial statements of the Group. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Directors, we determine those matters that were of most significance
in the audit of the financial statements of the Group and of the Company for the current financial year and
are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of
which we have not acted as auditors, are disclosed in Note 45 to the financial statements.

OTHER MATTERS

This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the
Companies Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person
for the content of this report.

PRICEWATERHOUSECOOPERS PLT PAULINE HO

LLP0014401-LCA & AF 1146 02684/11/2019 J
Chartered Accountants Chartered Accountant

Kuala Lumpur
27 February 2018

ANNUAL REPORT 2017 | GENTING BERHAD

202 LIST OF PROPERTIES HELD
as at 31 December 2017

NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2017 BUILDING ACQUISITION (A)/
LOCATION TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)

MALAYSIA

STATE OF PAHANG
DARUL MAKMUR
1 Genting Highlands, Bentong Freehold Built-up : 100,592 sq.metres 18-storey Genting Grand Complex 184.0 36 1982 (R)
2 Genting Highlands, Bentong Freehold Built-up : 95,485 sq.metres 23-storey Resort Hotel & Car Park II 114.8 25 1992 (A)
3 Genting Highlands, Bentong Freehold Built-up : 499,018 sq.metres 22-storey First World Hotel & Car 902.3 3 & 18 2000 & 2014 (A)
Park V
4 Genting Highlands, Bentong Freehold Built-up : 145,462 sq.metres 5-storey Sky Avenue 1,436.1 2 2016 (A)
5 Genting Highlands, Bentong Freehold Built-up : 20,516 sq.metres 23-storey Awana Tower Hotel 23.1 24 1993 (A)
6 Genting Highlands, Bentong Freehold Built-up : 19,688 sq.metres 10-level Theme Park Hotel 65.4 46 1989 (R)
7 Genting Highlands, Bentong Freehold Built-up : 11,902 sq.metres 10-level Theme Park Hotel - Valley 9.6 42 1989 (R)
Wing
8 Genting Highlands, Bentong Freehold Built-up : 29,059 sq.metres 16-storey Residential Staff Complex I 21.3 34 1989 (R)
9 Genting Highlands, Bentong Freehold Built-up : 28,804 sq.metres 19-storey Residential Staff Complex II 11.2 25 1992 (A)
10 Genting Highlands, Bentong Freehold Built-up : 89,392 sq.metres 16-storey Residential Staff Complex 43.7 25 1992 (A)
III & Car Park III
11 Genting Highlands, Bentong Freehold Built-up : 41,976 sq.metres 25-storey Residential Staff Complex 39.4 21 1996 (A)
V
12 Genting Highlands, Bentong Freehold Built-up : 70,597 sq.metres 25-storey Residential Staff Complex 56.8 11 2007 (A)
VIII with 5 levels of carpark
13 Genting Highlands, Bentong Freehold Built-up : 191,659 sq.metres 27-storey Residential Staff Complex 318.3 1 2016 (A)
IX with 5 levels of carpark
14 Genting Highlands, Bentong Freehold Built-up : 4,119 sq.metres 5-storey Ria Staff Residence <0.1 45 1989 (R)
15 Genting Highlands, Bentong Freehold Built-up : 4,109 sq.metres 5-storey Sri Layang Staff Residence 10.0 23 1989 (R)
16 Genting Highlands, Bentong Freehold Built-up : 18,397 sq.metres 8-level Car Park I 1.1 34 1989 (R)
17 Genting Highlands, Bentong Freehold Built-up : 1,086 sq.metres 5-storey Bomba Building 0.5 34 1989 (A)
18 Genting Highlands, Bentong Freehold Built-up : 1,503 sq.metres Petrol Station 1.8 19 1999 (A)
19 Genting Highlands, Bentong Freehold Built-up : 2,769 sq.metres 4-storey Staff Recreation Centre 2.3 25 1992 (A)
20 Genting Highlands, Bentong Freehold Built-up : 540 sq.metres 1 unit of Kayangan Apartments 0.1 37 1989 (A)
1 unit of Kayangan Apartments 0.1 37 1990 (A)
21 Genting Highlands, Bentong Freehold Built-up : 7,666 sq.metres Awana @ Resorts World Genting 15.5 31 1989 (R)
Complex
22 Genting Highlands, Bentong Freehold Built-up : 17,010 sq.metres 174 units of Awana Condominium 15.6 31 1989 (R)
23 Genting Highlands, Bentong Freehold Built-up : 8,756 sq.metres 79 units of Ria Apartments (Pahang 9.2 31 1989 (R)
Tower)
24 Genting Highlands, Bentong Freehold Built-up : 39,262 sq.metres Awana Sky Central 153.8 2 2016 (A)
25 Genting Highlands, Bentong Freehold Built-up : 191,658 sq.metres 8-level GHPO Car Park 185.2 2 2016 (A)
26 Genting Highlands, Bentong Freehold Land : 3,295 hectares 7 plots of land & improvements 276.1 - 1989 (R)
1 plot of land & improvements 6.0 - 1996 (A)
10 plots of land & improvements 61.1 - 1989 (R)
1 plot of land & improvements <0.1 - 1991 (A)
68 plots of land & improvements 239.3 - 1989 (R)
3 plots of land & improvements 24.9 - 2002 (A)
13 plots of land & improvements 9.7 - 1995 (R)
27 Genting Highlands, Bentong Leasehold (unexpired Land : 6 hectares 2 plots of land & improvements 0.4 - 1994 (A)
lease period of 76 years)
28 Genting Highlands, Bentong Leasehold (unexpired Land : 5 hectares 3 plots of land 0.5 - 1995 (A)
lease period of 41 years)
29 Genting Highlands, Bentong Leasehold (unexpired Land : 3 hectares 1 plot of educational land 1.1 - 2000 (A)
lease period of 73 years)
30 Bukit Tinggi, Bentong Leasehold (unexpired Built-up : 49 sq.metres 1 unit of Meranti Park Apartment, 0.1 18 1999 (A)
lease period of 77 years) Berjaya Hills
31 Beserah, Kuantan Freehold Land : 3 hectares 2 plots of agriculture land with 1.1 31 1987 (A)
Built-up : 713 sq.metres residential bungalow
32 Beserah, Kuantan Freehold Land : 4 hectares 4 plots of vacant agriculture land 0.9 - 1989/1991 (A)

STATE OF SELANGOR
DARUL EHSAN
1 Genting Highlands, Freehold Built-up : 149,941 sq.metres 28-storey Maxims Hotel & Car Park IV 367.5 21 1997 (A)
Hulu Selangor
2 Genting Highlands, Freehold Land : 6 hectares 2 plots of building land 6.1 - 1993 (A)
Hulu Selangor Built-up : 47,715 sq.metres 5-storey Genting Skyway Station 51.3 21 1997 (A)
Complex with 4-level of basement
carpark
3 Genting Highlands, Freehold Built-up : 3,008 sq.metres 2-storey & 4-storey Gohtong Jaya 4.3 20 1998 (A)
Hulu Selangor Security Buildings
4 Genting Highlands, Freehold Built-up : 5,406 sq.metres 47 units of Ria Apartments (Selangor 5.2 31 1989 (R)
Hulu Selangor Tower)
5 Genting Highlands, Freehold Land : 596 hectares 3 plots of building land 15.2 - 1989 (R)
Hulu Selangor 18 plots of building land 40.7 - 1995 (R)
7 plots of building land 10.4 - 1993 (A)

GENTING BERHAD | ANNUAL REPORT 2017


LOCATION
STATE OF SELANGOR
DARUL EHSAN
6 Genting Highlands, Gombak
7 Batang Kali, Hulu Selangor
8 Ulu Yam, Hulu Selangor
9 Ulu Yam, Hulu Selangor
10 Mukim Tanjung Dua Belas,
Kuala Langat
11 Mukim Tanjung Dua Belas,
Kuala Langat
12 Mukim Tanjung Dua Belas,
Kuala Langat
13 Mukim Tanjung Dua Belas,
Kuala Langat
14 Mukim Tanjung Dua Belas,
Kuala Langat
15 Pulau Indah, Klang
16 Bangi Factory, Selangor
FEDERAL TERRITORY OF
KUALA LUMPUR
1 Taman U Thant, Kuala Lumpur
2 Jalan Sultan Ismail, Kuala
Lumpur
3 Segambut, Kuala Lumpur
STATE OF TERENGGANU
DARUL IMAN
1 Kijal, Kemaman
STATE OF KEDAH DARUL AMAN
1 Tanjung Malai, Langkawi
ESTATES/PROPERTY
DEVELOPMENT (“PD”)
1 Genting Bukit Sembilan Estate, Freehold
Baling/Sg. Petani/Jitra, Kedah
2 Genting Selama Estate,
Serdang & Kulim, Kedah/
Selama, Perak
3 Genting Sepang Estate, Sepang Freehold
& Ulu Langat, Selangor
4 Genting Tebong Estate, Jasin & Freehold
Alor Gajah, Melaka/Tampin &
Kuala Pilah, Negeri Sembilan
5 Genting Cheng Estate, Melaka
Tengah, Alor Gajah & Kuala
Linggi, Melaka
6 Genting Tanah Merah Estate,
Tangkak, Johor
7 Genting Sri Gading Estate, Batu Freehold
Pahat, Johor
8 Genting Sg. Rayat Estate, Batu
Pahat, Johor
9 Genting Sing Mah Estate, Air
Hitam, Johor
10 Genting Kulai Besar Estate,
Kulai/Simpang Renggam,
Johor
11 Genting Setiamas Estate,
Kulai & Batu Pahat, Johor
12 Genting Sabapalm Estate,
Labuk Valley Sandakan, Sabah
13 Genting Tanjung Estate,
Kinabatangan, Sabah
LIST OF PROPERTIES HELD (cont’d) 203
as at 31 December 2017
NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2017 BUILDING ACQUISITION (A)/
TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)
Freehold Land : 394 hectares 2 plots of vacant building land 28.8 - 1995 (R)
Freehold Land : 10 hectares 1 plot of vacant agriculture land 2.1 - 1994 (A)
Freehold Land : 38 hectares 1 plot of vacant building land 15.0 - 1994 (A)
Freehold Land : 4 hectares 3 plots of vacant agriculture land 1.2 - 1994 (A)
Leasehold (unexpired Land : 0.5 hectare 1 plot of industrial land 0.1 - 1994 (A)
lease period of 57 years)
Leasehold (unexpired Land : 1.5 hectares 5 plots of industrial land 0.3 - 1994 (A)
lease period of 58 years)
Leasehold (unexpired Land : 0.5 hectare 1 plot of industrial land 0.1 - 1994 (A)
lease period of 61 years)
Leasehold (unexpired Land : 0.6 hectare 1 plot of industrial land <0.1 - 1994 (A)
lease period of 70 years)
Leasehold (unexpired Land : 2 hectares 1 plot of industrial land 2.0 - 1994 (A)
lease period of 79 years)
Leasehold (unexpired Land : 18 hectares 5 plots of vacant industrial land & 15.2 - 1997 (A)
lease period of 78 years) improvements
Leasehold (unexpired Land : 1.2 hectares 1 plot of industrial land with factory 1.9 36 1990 (A)
lease period of 69 years) Built-up : 5,556 sq.metres
Freehold Built-up : 178 sq.metres 1 unit of Desa Angkasa Apartment 0.3 31 1988 (A)
Freehold Land : 3,915 sq.metres Wisma Genting - 25-level office 71.7 32 1983/1991 (A)
Built-up : 63,047 sq.metres building with 6-level of basement
Leasehold (unexpired lease Land : 4 hectares Store, bus and limousine depot 7.6 42 1982 (A)
period of 57 years) Built-up : 2,601 sq.metres
Leasehold (unexpired Land : 259 hectares 4 plots of resort/property 24.6 - 1996 (A)
lease period of 74 years) development land
Land : 51 hectares 18-hole Resorts World Kijal Golf Course 8.1 - 1997 (A)
Built-up : 35,563 sq.metres 7-storey Resorts World Kijal Hotel 70.6 21 1997 (A)
Built-up : 1,757 sq.metres 27 units of Baiduri Apartment 1.7 23 1995 (A)
Built-up : 7,278 sq.metres 96 units of Angsana Apartment 6.3 22 1996 (A)
Leasehold (unexpired lease Land : 18 hectares 17 plots of resort/property 1.4 - 2002 (A)
period of 74 years) development land
Leasehold (unexpired lease Land : 10 hectares 1 plot of resort/property development 1.5 - 1995 (R)
period of 84 years) land
Leasehold (unexpired lease Land : 14 hectares 5 plots of building land 9.7 - 1997 (A)
period of 70 years) Built-up : 20,957 sq.metres 3-5 storey Resorts World Langkawi 52.4 20 1997 (A)
Hotel, Convention Centre &
Multipurpose Hall
Estate : 1,268 hectares Oil palm estate 32.9 - 1981 (R)
Freehold Estate : 1,830 hectares Oil palm estate 22.0 - 1981 (R)
Estate : 436 hectares Oil palm estate and The Gasoline Tree 18.4 - 1981 (R)
Experimental Research Station
Estate : 2,230 hectares Oil palm estate 29.9 - 1981 (R)
Freehold Estate : 793 hectares Oil palm estate and property 9.7 - 1981 (R)
PD : 1 hectare development
Freehold Estate : 1,801 hectares Oil palm estate and Seed Garden 27.4 - 1981 (R)
Estate : 3,366 hectares Oil palm estate and property 147.1 - 1983 (A)
PD : 242 hectares development
Freehold Estate : 1,707 hectares Oil palm estate 27.4 - 1983 (A)
Freehold Estate : 669 hectares Oil palm estate and mill 14.1 37 1983 (A)
Freehold Estate : 2,513 hectares Oil palm estate and property 194.1 - 1983 (A)
PD : 12 hectares development, Genting Indahpura
Sports City, Car City and JPO
Freehold Estate : 71 hectares Oil palm estate and property 48.9 - 1996 (A)
PD : 53 hectares development
Leasehold (unexpired lease Estate : 4,360 hectares Oil palm estate and mill 53.5 47 1991 (A)
period of 68-870 years)
Leasehold (unexpired lease Estate : 4,345 hectares Oil palm estate and mill 42.7 23 1988 & 2001 (A)
period of 69-79 years)
ANNUAL REPORT 2017 | GENTING BERHAD
204 LIST OF PROPERTIES HELD (cont’d)
as at 31 December 2017

NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2017 BUILDING ACQUISITION (A)/
LOCATION TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)

ESTATES/PROPERTY
DEVELOPMENT (“PD”)
14 Genting Bahagia Estate,
Kinabatangan, Sabah
15 Genting Tenegang Estate,
Kinabatangan, Sabah
16 Genting Landworthy Estate,
Kinabatangan, Sabah
17 Genting Layang Estate,
Kinabatangan, Sabah
18 Residential bungalow,
Sandakan, Sabah
19 Genting Vegetable Oils
Refinery, Sandakan, Sabah
20 Genting Jambongan Estate,
Beluran, Sabah
21 Genting Indah, Genting Permai
Estate & Genting Kencana
Estate, Kinabatangan, Sabah
22 Genting Mewah Estate, Genting Leasehold (unexpired lease Land : 5,611 hectares
Lokan Estate, Kinabatangan,
Sabah
23 Genting Sekong Estate &
Genting Suan Lamba Estate
Kinabatangan, Sabah
24 Wisma Genting Plantations,
Sandakan, Sabah
25 Genting Integrated Biorefinery
Complex Lahad Datu, Sabah
Leasehold (unexpired lease Estate : 4,548 hectares Oil palm estate 26.9 - 1988 & 2003 (A)
period of 68-69 years)
Leasehold (unexpired lease Estate : 3,653 hectares Oil palm estate 15.1 - 1990 (A)
period of 71 years)
Leasehold (unexpired lease Estate : 4,039 hectares Oil palm estate 24.7 - 1992 (A)
period of 66 years)
Leasehold (unexpired lease Estate : 2,077 hectares Oil palm estate 14.4 - 1993 (A)
period of 73 years)
Leasehold (unexpired lease Land : 1,206 sq.metres 2 units of 2-storey intermediate 0.1 33 1991 (A)
period of 870 years) Built-up : 374 sq.metres detached house
Leasehold (unexpired lease Land : 8 hectares Vacant land 1.9 - 1992 (A)
period of 63 years)
Leasehold (unexpired lease Land : 4,062 hectares Oil palm estate and mill 104.1 4 2001-2004, 2014,
period of 16-83 years) 2015 & 2016 (A)
Leasehold (unexpired lease Land : 8,182 hectares Oil palm estate and mill 157.0 9 2001 (A)
period of 79 years)
Oil palm estate and mill 91.0 21 2002 (A)
period of 66-873 years)
Leasehold (unexpired lease Land : 6,755 hectares Oil palm estate and mill 124.7 21 2004 (A)
period of 5-81 years)
Leasehold (unexpired lease Built-up : 2,023 sq.metres Office 3.2 15 2004 (A)
period of 83 years)
Leasehold (unexpired lease Land : 41.5 hectares Downstream Manufacturing 98.8 10 2011, 2014 &
period of 87 years) 2015 (A)

INDONESIA
1 Ketapang, Kalimantan Barat
2 Sanggau, Kalimantan Barat
3 Sintang, Kalimantan Barat
4 Kapuas & Barito Selatan,
Kalimantan Tengah
5 Tapin, Kalimantan Selatan
6 Kalimantan Selatan
7 West Java
8 South Jakarta
9 West Papua
Leasehold (unexpired lease Land : 38,593 hectares Oil palm estate and mill 533.3 5 2006, 2009, 2011 &
period of 20-29 years) 2014 (A)
Yet to be determined Land : 25,595 hectares Oil palm estate 329.2 - 2010 & 2016 (A)
Yet to be determined Land : 11,727 hectares Oil palm estate 59.6 - 2016 (A)
Yet to be determined Land : 87,700 hectares Oil palm estate and mill 1,772.4 2&4 2008, 2012 & 2015
(A)
Leasehold (unexpired Land : 14,661 hectares Oil palm estate and mill 707.4 1 2017 (A)
lease period of 27 years)
Leasehold (unexpired Built-up : 349 sq.metres Office space 1.1 4 2017 (A)
lease period of 26 years)
Leasehold (unexpired Land : 46.3 hectares Land with power plant complex 162.6 1 2013 (A)
lease period of 17 years)
Leasehold (unexpired Land : 9.8 hectares Land with power plant complex 31.5 1 2013 & 2014 (A)
lease period of 27 years)
Leasehold (unexpired Land : 10.8 hectares Land with power plant complex 6.7 1 2015 (A)
lease period of 24 years)
Leasehold (unexpired Land : 0.7 hectare Land with power plant complex 2.2 1 2016 (A)
lease period of 29 years)
Leasehold (unexpired Land : 0.1 hectare Land with power plant complex 0.6 1 2016 (A)
lease period of 29 years)
Leasehold (unexpired Land : 2.2 hectares Land for transmission tower and 7.8 - 2017 (A)
lease period of 17 years) gas-insulated gearswitch
Freehold Built-up : 1,923 sq.metres 1 level of office building at Ciputra 18.6 5 2013 (A)
World Jakarta 1
Freehold Built-up : 1,884 sq.metres 1 level of office building at Ciputra 22.6 5 2014 (A)
World Jakarta 1
Leasehold (unexpired Land : 17,270 hectares Oil palm estate and mill 15.7 8 2014 (A)
lease period of 15 years)
Yet to be determined Land : 35,371 hectares Vacant land 10.9 - 2014 (A)

UNITED KINGDOM
1 Hyde Park, London Leasehold (unexpired lease Built-up : 286 sq.metres 2 units of residential apartment at <0.1 38 1980/1996 (A)
period of 959 years) Hyde Park Towers
2 Maxims Casino Club, Freehold Built-up : 1,036 sq.metres Casino Club 50.7 155 2010 (A)
Kensington
3 Newcastle Freehold Built-up : 1,464 sq.metres Casino Club 12.4 23 2010 (A)
4 Salford Freehold Built-up : 1,058 sq.metres Casino Club 8.0 20 2010 (A)
5 Wirral Freehold Built-up : 860 sq.metres Casino Club 6.5 38 2010 (A)
6 Leicester Freehold Built-up : 755 sq.metres Casino Club 8.2 38 2010 (A)
7 Bournemouth Freehold Built-up : 860 sq.metres Casino Club 6.2 118 2010 (A)
8 Southampton Freehold Built-up : 797 sq.metres Casino Club 8.0 118 2010 (A)
9 Bolton Freehold Built-up : 808 sq.metres Casino Club 4.5 118 2010 (A)
10 Glasgow Freehold Built-up : 3,402 sq.metres Casino Club 32.0 131 2010 (A)
11 Bristol Freehold Built-up : 873 sq.metres Casino Club 7.3 71 2010 (A)
12 Margate Freehold Built-up : 1,326 sq.metres Casino Club 11.1 61 2010 (A)

GENTING BERHAD | ANNUAL REPORT 2017

 LIST OF PROPERTIES HELD (cont’d) 205
as at 31 December 2017

NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2017 BUILDING ACQUISITION (A)/
LOCATION TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)

UNITED KINGDOM
13 Torquay Freehold Built-up : 1,495 sq.metres Casino Club 10.1 28 2010 (A)
14 Crockfords Freehold Built-up : 1,907 sq.metres Casino Club 291.7 247 2010 (A)
15 31 Curzon Street next to Freehold Built-up : 307 sq.metres Office 37.3 241 2010 (A)
Crockfords
16 Cromwell Mint Freehold Built-up : 2,061 sq.metres Casino Club (include 11 residential flats) 47.6 106 2010 (A)
17 Brighton (9 Preston St) Freehold Built-up : 85 sq.metres Vacant retail building 0.3 51 2010 (A)
18 508 Sauchiehall St. Glasgow Freehold Built-up : 292 sq.metres Vacant retail building 1.7 131 2011 (A)
19 London - 2 Stanhope Row Freehold Built-up : 2,709 sq.metres Hotel 261.6 24 2011 (A)
20 London - 17A Market Mew Freehold Built-up : 244 sq.metres Residential Apartment 13.8 53 2011 (A)
21 London - 36 Hertford Street Freehold Built-up : 747 sq.metres Residential Apartment 64.3 83 2011 (A)
22 London - 37 Hertford Street Freehold Built-up : 471 sq.metres Residential Apartment 43.1 243 2011 (A)
23 London - 46 Hertford Street Freehold Built-up : 600 sq.metres Vacant Office Building 62.7 254 2014 (A)
24 Metropolitan Hotel, Park Lane Freehold Built-up : 6,000 sq.metres Hotel 248.7 49 2013 (A)
25 Luton (Luton Casino & Luton Leasehold (unexpired Built-up : 984 sq.metres 2 Casino Clubs 8.1 36 2010 (A)
Electric) lease period of 974 years)
26 Leith Leasehold (unexpired Built-up : 1,698 sq.metres Casino Club 19.0 18 2010 (A)
lease period of 81 years)
27 Brighton Leasehold (unexpired Built-up : 458 sq.metres Casino Club 3.1 57 2010 (A)
lease period of 958 years)
28 Westcliff Electric Leasehold (unexpired Built-up : 836 sq.metres Casino Club 29.8 91 2010 (A)
lease period of 57 years)
29 Westcliff Leasehold (unexpired Built-up : 4,529 sq.metres Casino Club 2.5 91 2010 (A)
lease period of 57 years)
30 Derby Leasehold (unexpired Built-up : 2,150 sq.metres Casino Club 1.4 8 2010 (A)
lease period of 18 years)
31 Birmingham Edgbaston Leasehold (unexpired Built-up : 1,488 sq.metres Casino Club <0.1 109 2010 (A)
lease period of 17 years)
32 Liverpool Renshaw Street Leasehold (unexpired Built-up : 1,498 sq.metres Casino Club 15.7 116 2010 (A)
lease period of 21 years)
33 London - 16 Stanhope Row Leasehold (unexpired Built-up : 103 sq.metres Residential Apartment 4.6 83 2011 (A)
lease period of 729 years)
34 Lytham St. Anne’s Leasehold (unexpired Built-up : 790 sq.metres Vacant <0.1 36 2010 (A)
lease period of 24 years)
35 Sheffield Leasehold (unexpired Built-up : 2,973 sq.metres Casino Club 36.1 10 2010 (A)
lease period of 26 years)
36 Resorts World Birmingham Leasehold (unexpired Built-up : 39,948 sq.metres Resort (Casino, hotel, restaurants 664.0 2 2015 (A)
lease period of 96 years) and shops)
37 AB Leicester/Cant St (Leicester Leasehold (unexpired Built-up : 68 sq.metres Vacant <0.1 90 2010 (A)
Electric) lease period of 0 year)
38 Liverpool Queen Square Leasehold (unexpired Built-up : 2,230 sq.metres Casino Club 17.1 29 2010 (A)
lease period of 15 years)
39 Palm Beach Leasehold (unexpired Built-up : 1,489 sq.metres Casino Club 12.0 24 2010 (A)
lease period of 0 year)
40 Coventry Leasehold (unexpired Built-up : 1,309 sq.metres Casino Club 6.5 25 2012 (A)
lease period of 10 years)
41 Edinburgh York Place Leasehold (unexpired Built-up : 767 sq.metres Casino Club <0.1 156 2010 (A)
lease period of 0 year)
42 Nottingham Leasehold (unexpired Built-up : 2,508 sq.metres Casino Club <0.1 24 2010 (A)
lease period of 9 years)
43 Stoke Leasehold (unexpired Built-up : 2,415 sq.metres Casino Club 7.3 39 2010 (A)
lease period of 14 years)
44 Colony Leasehold (unexpired Built-up : 1,594 sq.metres Casino Club 2.2 109 2010 (A)
lease period of 2 years)
45 Manchester Leasehold (unexpired Built-up : 3,003 sq.metres Casino Club 8.9 109 2010 (A)
lease period of 9 years)
46 Birmingham Star City Leasehold (unexpired Built-up : 6,503 sq.metres Casino Club <0.1 24 2010 (A)
lease period of 10 years)
47 Blackpool Leasehold (unexpired Built-up : 1,354 sq.metres Casino Club 3.4 109 2010 (A)
lease period of 16 years)
48 Birmingham Hurst Street Leasehold (unexpired Built-up : 1,181 sq.metres Casino Club <0.1 59 2010 (A)
lease period of 4 years)
49 Reading (Reading Club & Leasehold (unexpired Built-up : 1,682 sq.metres 2 Casino Clubs 10.3 39 2010 (A)
Reading Electric) lease period of 14 years)
50 Carlton Derby (Derby Maxims) Leasehold (unexpired Built-up : 546 sq.metres Vacant <0.1 109 2010 (A)
lease period of 16 years)
51 Edinburg Fountain Park Leasehold (unexpired Built-up : 2,415 sq.metres Casino Club 14.9 24 2010 (A)
lease period of 14 years)
52 Plymouth Leasehold (unexpired Built-up : 575 sq.metres Casino Club 0.6 76 2010 (A)
lease period of 7 years)
53 London China Town Leasehold (unexpired Built-up : 600 sq.metres Casino Club 1.5 56 2011 (A)
lease period of 5 years)
54 Plymouth Derry Cross Leasehold (unexpired Built-up : 2,137 sq.metres Vacant <0.1 11 2010 (A)
lease period of 16 years)

ANNUAL REPORT 2017 | GENTING BERHAD

206 LIST OF PROPERTIES HELD (cont’d)
as at 31 December 2017
LOCATION
UNITED KINGDOM
55 Portsmouth Electric
56 Southampton Harbour House
57 Southport Floral Gardens
UNITED STATES OF AMERICA
1 1601 Biscayne Boulevard, Miami Freehold
2 Downtown Miami, Miami
3 Las Vegas, Nevada
BAHAMAS
1 North Bimini
SINGAPORE
1 Genting Centre
2 Sungei Tengah
3 Integrated Resort at Sentosa
4 Pandan Garden Warehouse
5 Genting Jurong Hotel
INDIA
1 District of Kutch, Gujarat
MONGOLIA
1 Ulaanbaatar, Mongolia
GENTING BERHAD | ANNUAL REPORT 2017
NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2017 BUILDING ACQUISITION (A)/
TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)
Leasehold (unexpired Built-up : 120 sq.metres Casino Club <0.1 81 2010 (A)
lease period of 3 years)
Leasehold (unexpired Built-up : 1,254 sq.metres Vacant <0.1 156 2010 (A)
lease period of 14 years)
Leasehold (unexpired Built-up : 1,580 sq.metres Casino Club 23.5 10 2010 (A)
lease period of 16 years)
Land : 0.1 hectare 1 plot of building land 52.1 - 2011 (A)
Built-up : 120,309 sq.metres 5-storey Omni Office Building 304.9 43 2011 (A)
Built-up : 64,103 sq.metres 3-storey Omni Retail Building 43 2011 (A)
Built-up : 78,968 sq.metres 29-storey Omni Hilton Hotel 164.9 41 2011 (A)
Freehold Land : 0.9 hectare 1 plot of building land 67.5 - 2011 (A)
Built-up : 74 sq.metres Checkers Drive-In Restaurant 25 2011 (A)
Land : 5.7 hectares 1 plot of building land 930.2 - 2011 (A)
Built-up : 70,421 sq.metres 7-storey Miami Herald Building 55 2011 (A)
Built-up : 2,388sq.metres 2-storey Boulevard Shops 88 2011 (A)
Land : 0.5 hectare 10 plots of vacant land 16.2 - 2011 (A)
Built-up : 389 sq.metres 1 unit of Marquis Condominium 7.1 10 2011 (A)
Freehold Land : 35.3 hectares 6 parcels of land & improvements 2,136.2 - 2013 (A)
Freehold Land : 6.6 hectares 1 plot of building land 18.2 - 2013 (A)
Built-up : 929 sq.metres Casino 177.8 5 2013 (A)
Built-up : 12,295 sq.metres Jetty 227.5 4 2014 (A)
Land : 6.4 hectares Resort land with hotel 767.2 3 2015 (A)
Built-up : 13,261 sq.metres
Freehold Land : 0.2 hectare 13-storey commercial building 441.7 7 2011 (A)
Built-up : 20,722 sq.metres
Leasehold (unexpired Land : 2.1 hectares Holding facilities 4.6 - 2011 (A)
lease period of 12 years)
Leasehold (unexpired lease Land : 49 hectares 4 parcels of land for construction, 8,947.9 - 2007 (A)
period of 49 years) development and establishment of
integrated resort
Leasehold (unexpired Land : 2.2 hectares Warehouse 32.4 9 2009 (A)
lease period of 17 years) Built-up : 15,344 sq.metres
Leasehold (unexpired Land : 0.9 hectare 15-storey of hotel building 911.7 3 2013 (A)
lease period of 95 years) Built-up : 19,147 sq.metres
Freehold Land : 51.4 hectares Land with Wind Turbines 4.1 - 2011 (A)
Built-up : 14,800 sq.metres
Leasehold (unexpired Built-up : 7,800 sq.metres 13-storey commercial building 21.5 7 2011 (A)
lease period of 93 years)
 ANALYSIS OF SHAREHOLDINGS/WARRANTHOLDINGS
Class of Shares : Ordinary shares
207
Voting Rights
• On a show of hands : 1 vote
• On a poll : 1 vote for each share held
As at 14 March 2018
No. of % of No. of % of
Size of Holdings Shareholders Shareholders Shares* Shares
Less than 100 3,498 8.384 22,006 0.001
100 - 1,000 16,491 39.523 12,621,871 0.329
1,001 - 10,000 17,152 41.107 67,480,029 1.761
10,001 - 100,000 3,527 8.453 104,972,928 2.740
100,001 to less than 5% of issued shares 1,054 2.526 2,439,010,949 63.657
5% and above of issued shares 3 0.007 1,207,387,240 31.512
Total 41,725 100.000 3,831,495,023 100.000
Note: * Excluding 26,320,000 shares bought back and retained by the Company as treasury shares.

THIRTY (30) LARGEST SECURITIES ACCOUNT HOLDERS AS PER RECORD OF DEPOSITORS AS AT 14 MARCH 2018
(without aggregating the securities from different securities accounts belonging to the same depositor)

Name No. of Shares % of Shares

1. Kien Huat Realty Sdn Berhad 797,387,240 20.811
2. HSBC Nominees (Tempatan) Sdn Bhd 210,000,000 5.481
Exempt An For Credit Suisse (SG BR-TST-TEMP)
3. Citigroup Nominees (Tempatan) Sdn Bhd 200,000,000 5.220
Cb Spore Gw For Kien Huat Realty Sdn Bhd
4. Hsbc Nominees (Asing) Sdn Bhd 171,445,750 4.475
Exempt An For Credit Suisse (Sg Br-Tst-Asing)
5. Kien Huat Realty Sdn Berhad 131,395,620 3.429
6. Cimb Group Nominees (Tempatan) Sdn Bhd 130,000,000 3.393
Pledged Securities Account For Kien Huat Realty Sdn Bhd (Ed Gbaston-Gcm)
7. Hsbc Nominees (Asing) Sdn Bhd 125,958,800 3.287
Jpmcb Na For Oppenheimer Developing Markets Fund
8. Cartaban Nominees (Asing) Sdn Bhd 94,893,989 2.477
Gic Private Limited For Government of Singapore (C)
9. Cartaban Nominees (Asing) Sdn Bhd 78,212,250 2.041
Exempt An For State Street Bank & Trust Company (West Clt Od67)
10. Malaysia Nominees (Tempatan) Sendirian Berhad 74,240,100 1.938
Great Eastern Life Assurance (Malaysia) Berhad (Par 1)
11. Lim Kok Thay 68,119,980 1.778
12. Hsbc Nominees (Asing) Sdn Bhd 65,134,875 1.700
Bbh and Co Boston For Matthews Pacific Tiger Fund
13. Citigroup Nominees (Asing) Sdn Bhd 50,429,398 1.316
Cbny For Orbis Sicav Emerging Markets Equity Fund
14. Cartaban Nominees (Tempatan) Sdn Bhd 40,685,800 1.062
Pamb For Prulink Equity Fund
15. Hsbc Nominees (Asing) Sdn Bhd 39,505,190 1.031
Bbh And Co Boston For Vanguard Emerging Markets Stock Index Fund
16. Cartaban Nominees (Asing) Sdn Bhd 38,134,500 0.995
Rbc Investor Services Bank S.A. For Comgest Growth Emerging Markets (Comgest
Gr Plc)
17. Hsbc Nominees (Asing) Sdn Bhd 30,603,400 0.799
Jpmcb Na For Vanguard Total International Stock Index Fund
18. Citigroup Nominees (Tempatan) Sdn Bhd 27,590,800 0.720
Exempt An For AIA Bhd.
19. Citigroup Nominees (Asing) Sdn Bhd 25,586,211 0.668
Cbny For Orbis Global Equity Fund Limited
20. Hsbc Nominees (Asing) Sdn Bhd 24,520,100 0.640
Caceis Bank For Magellan
21. Citigroup Nominees (Asing) Sdn Bhd 23,161,000 0.604
Cbny For Dimensional Emerging Markets Value Fund
22. Db (Malaysia) Nominee (Asing) Sdn Bhd 22,806,221 0.595
State Street Australia Fund Q4eq For Platinum International Fund
23. Cartaban Nominees (Asing) Sdn Bhd 22,030,430 0.575
Gic Private Limited For Monetary Authority of Singapore (H)
24. Citigroup Nominees (Asing) Sdn Bhd 20,901,521 0.546
Ubs Ag
25. Maybank Nominees (Tempatan) Sdn Bhd 17,693,600 0.462
Maybank Trustees Berhad For Public Regular Savings Fund (N14011940100)
26. Malaysia Nominees (Tempatan) Sendirian Berhad 16,981,200 0.443
Great Eastern Life Assurance (Malaysia) Berhad (Par 3)
27. Db (Malaysia) Nominee (Asing) Sdn Bhd 16,689,400 0.436
Ssbt Fund 2Tbh For Brandes Investment Trust - Brandes Institutional Emerging
Markets Fund
28. Datacorp Sdn Bhd 15,216,000 0.397
29. Hsbc Nominees (Asing) Sdn Bhd 14,369,100 0.375
Hsbc-Fs G For Best Investment Corporation (Maple Brown)
30. Citigroup Nominees (Asing) Sdn Bhd 14,345,595 0.374
Cbhk For Orbis Global Equity Fund (Australia Registered)
Total 2,608,038,070 68.068

ANNUAL REPORT 2017 | GENTING BERHAD
208 ANALYSIS OF SHAREHOLDINGS/WARRANTHOLDINGS
(cont’d)
Type of Securities : Warrants 2013/2018
Exercise Price : RM7.96
Expiry Date : 18 December 2018
Voting Rights at a meeting of Warrantholders
• On a show of hands : 1 vote
• On a poll : 1 vote for each Warrant held

As at 14 March 2018
No. of % of % of Outstanding
Size of Holdings Warrantholders Warrantholders No. of Warrants Warrants
Less than 100 780 5.364 32,501 0.005
100 - 1,000 7,690 52.881 3,276,302 0.524
1,001 - 10,000 4,623 31.791 17,145,854 2.740
10,001 - 100,000 1,270 8.733 37,766,148 6.034
100,001 to less than 5% of Outstanding Warrants 175 1.203 200,445,147 32.027
5% and above of Outstanding Warrants 4 0.028 367,195,715 58.670
Total 14,542 100.000 625,861,667 100.000

THIRTY (30) LARGEST SECURITIES ACCOUNT HOLDERS AS PER RECORD OF DEPOSITORS AS AT 14 MARCH 2018
(without aggregating the securities from different securities accounts belonging to the same depositor)

No. of % of Outstanding
Name Warrants Warrants
1. Kien Huat Realty Sdn Berhad 194,346,810 31.053
2. Kien Huat Realty Sdn Berhad 82,848,905 13.238
3. Cimb Group Nominees (Tempatan) Sdn Bhd 50,000,000 7.989
Pledged Securities Account For Kien Huat Realty Sdn Bhd (ED GBASTON-GCM)
4. Hsbc Nominees (Tempatan) Sdn Bhd 40,000,000 6.391
Exempt AN For Credit Suisse (Sg Br-Tst-Temp)
5. Cartaban Nominees (Asing) Sdn Bhd 30,633,782 4.895
Ssbt Fund Gb01 For Harbor International Fund
6. Hsbc Nominees (Asing) Sdn Bhd 26,318,950 4.205
Exempt AN For Credit Suisse (Sg Br-Tst-Asing)
7. Db (Malaysia) Nominee (Asing) Sdn Bhd 18,662,325 2.982
Ssbt Fund Nv04 For Longleaf Partners International Fund
8. Lim Kok Thay 17,029,995 2.721
9. Golden Hope Limited 13,162,812 2.103
10. Malaysia Nominees (Tempatan) Sendirian Berhad 9,734,575 1.555
Great Eastern Life Assurance (Malaysia) Berhad (Par 1)
11. Citigroup Nominees (Tempatan) Sdn Bhd 5,272,225 0.842
Exempt AN For AIA Bhd.
12. Hsbc Nominees (Asing) Sdn Bhd 5,240,303 0.837
Exempt AN For The Bank Of New York Mellon (Mellon Acct)
13. Db (Malaysia) Nominee (Asing) Sdn Bhd 4,358,888 0.696
The Bank Of New York Mellon For Howard Hughes Medical Institute
14. Maybank Nominees (Tempatan) Sdn Bhd 3,580,000 0.572
Pledged Securities Account For Tong Yoon Chong @ Thong Cheo Ng Choy
15. Db (Malaysia) Nominee (Asing) Sdn Bhd 3,487,186 0.557
Ssbt Fund Nv18 For Longleaf Partners Global Fund
16. Hsbc Nominees (Asing) Sdn Bhd 3,190,542 0.510
Tntc For The Trustees Of Grinnell College
17. Inverway Sdn Bhd 2,244,250 0.359
18. DB (Malaysia) Nominee (Asing) Sdn Bhd 2,198,788 0.351
Ssbt Fund Stma For Longleaf Partners Unit Trust Longleaf Partners Global Ucits Fund
19. Lim Chee Meng 1,940,000 0.310
20. Tai Chin Oon 1,859,400 0.297
21. Lim Gaik Bway @ Lim Chiew Ah 1,809,600 0.289
22. Public Nominees (Tempatan) Sdn Bhd 1,614,800 0.258
Pledged Securities Account For Lim Chou Bu (E-Kpg)
23. Hsbc Nominees (Asing) Sdn Bhd 1,514,321 0.242
Tntc For Api Value Growth Fund, Llc
24. Teh Soon Seng 1,207,000 0.193
25. Maybank Securities Nominees (Asing) Sdn Bhd 1,151,000 0.184
Maybank Kim Eng Securities Pte Ltd For Royal Skandia Life Assurance Limited
26. Tham Tze Huey 1,128,000 0.180
27. Wong Poh Kim @ Mary Ann 1,068,925 0.171
28. DB (Malaysia) Nominee (Asing) Sdn Bhd 1,058,716 0.169
Bnym Sa/Nv For Massey Ferguson Works Pension Scheme
29. Hsbc Nominees (Asing) Sdn Bhd 1,025,000 0.164
Credit Suisse (Hong Kong) Limited
30. DB (Malaysia) Nominee (Asing) Sdn Bhd 913,500 0.146
Exempt AN For Nomura PB Nominees Ltd
Total 528,600,598 84.460

GENTING BERHAD | ANNUAL REPORT 2017

 ANALYSIS OF SHAREHOLDINGS/WARRANTHOLDINGS 209
(cont’d)

SUBSTANTIAL SHAREHOLDERS AS PER REGISTER OF SUBSTANTIAL SHAREHOLDERS AS AT 14 MARCH 2018

No. of Shares
Direct Interest % of Shares Deemed Interest % of Shares
Kien Huat Realty Sdn Berhad (“KHR”) 1,468,782,860 38.34 8,977,000(1) 0.23
Kien Huat International Limited (“KHI”) - - 1,477,759,860(2) 38.57
Parkview Management Sdn Bhd as trustee of a - - 1,477,759,860(2) 38.57
discretionary trust (“PMSB”)
Tan Sri Lim Kok Thay (“TSLKT”) 68,119,980 1.78 1,630,411,110(3) 42.55
Mr Lim Keong Hui (“LKH”) - - 1,630,411,110(3) 42.55

Notes:
(1) Deemed interest through its subsidiary (Inverway Sdn Bhd).

(2) Deemed interest through KHR and its subsidiary (Inverway Sdn Bhd).

(3) Deemed interest by virtue of TSLKT and LKH being:

i) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which
in turn owns 100% of the voting shares in KHR. As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of the
Company held by KHR and Inverway Sdn Bhd (“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR and Inverway; and

ii) beneficiaries of a discretionary trust of which First Names Trust Company (Isle of Man) Limited (“FNTC”) is the trustee. Golden Hope Limited (“GHL”) acts
as trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust whose voting units are ultimately owned by FNTC as trustee of the discretionary
trust. GHL as trustee of the GHUT owns ordinary shares in the Company.

DIRECTORS’ SHAREHOLDINGS, WARRANTHOLDINGS AND PERFORMANCE SHARES AS PER THE REGISTERS

PURSUANT TO THE COMPANIES ACT 2016 AS AT 14 MARCH 2018

INTEREST IN THE COMPANY

No. of Shares No. of Warrants

% of % of
Direct % of Deemed % of Direct Outstanding Deemed Outstanding
Name Interest Shares Interest Shares Interest Warrants Interest Warrants
Tan Sri Lim Kok 68,119,980 1.7779 1,630,411,110 (1) 42.5528 17,029,995 2.7210 407,602,777(1) 65.1267
Thay
Tun Mohammed 206,000 0.0054 - - 76,500 0.0122 - -
Hanif bin Omar
Mr Lim Keong Hui - - 1,630,411,110 (1) 42.5528 - - 407,602,777(1) 65.1267
Dato’ Dr. R. 20,000 0.0005 - - 5,000 0.0008 - -
Thillainathan (5a)
Tan Sri Foong 10,000 0.0003 - - - - - -
Cheng Yuen

INTEREST IN GENTING MALAYSIA BERHAD (“GENM”), A COMPANY WHICH IS 49.4% OWNED BY THE COMPANY

No. of Shares No. of Performance Shares granted

Direct % of % of Restricted Performance
Name Interest Shares Deemed Interest Shares Share Plan Share Plan
Tan Sri Lim Kok Thay 8,127,900 0.1437 2,796,992,189 (2) 49.4672 4,203,425 7,213,987
Tun Mohammed Hanif bin 703,200 0.0124 - - 171,800 357,090
Omar
Mr Lim Keong Hui 186,800 0.0033 2,796,992,189 (2) 49.4672 183,400 378,924
Tan Sri Dr. Lin See Yan 450,000 0.0080 - - - -

ANNUAL REPORT 2017 | GENTING BERHAD

210 ANALYSIS OF SHAREHOLDINGS/WARRANTHOLDINGS
(cont’d)

DIRECTORS’ SHAREHOLDINGS, WARRANTHOLDINGS AND PERFORMANCE SHARES AS PER THE REGISTERS

PURSUANT TO THE COMPANIES ACT 2016 AS AT 14 MARCH 2018 (cont’d)

INTEREST IN GENTING PLANTATIONS BERHAD (“GENP”), A 51.6% OWNED SUBSIDIARY OF THE COMPANY

No. of Shares No. of Warrants

% of % of
Direct % of Deemed % of Direct Outstanding Deemed Outstanding
Name Interest Shares Interest Shares Interest Warrants Interest Warrants
Tan Sri Lim Kok 369,000 0.0459 407,005,000 (3) 50.6642 73,800 0.0781 81,401,000 (3)
86.0949
Thay
Mr Lim Keong Hui - - 407,005,000 (3) 50.6642 - - 81,401,000 (3) 86.0949
Dato’ Dr. R. - - - - - - - -
Thillainathan (5b)

INTEREST IN GENTING SINGAPORE PLC (“GENS”), AN INDIRECT 52.7% OWNED SUBSIDIARY OF THE
COMPANY

No. of Shares No. of

Direct Deemed Performance
Name Interest % of Shares Interest % of Shares Shares granted
Tan Sri Lim Kok Thay 13,445,063 0.1116 6,353,828,069 (4) 52.7508 750,000
Mr Lim Keong Hui - - 6,353,828,069 (4) 52.7508 -
Dato’ Dr. R. Thillainathan 1,582,438 0.0131 - - -
Tan Sri Dr. Lin See Yan 496,292 0.0041 - - -
Notes:

(1) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:

(a) beneficiaries of a discretionary trust of which Parkview Management Sdn Bhd (“PMSB”) is the trustee. PMSB as trustee of the discretionary trust owns 100%
of the voting shares of Kien Huat International Limited (“KHI”) which in turn owns 100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). As
such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares and warrants of the Company held by KHR and Inverway Sdn
Bhd (“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR and Inverway; and
(b) beneficiaries of a discretionary trust of which First Names Trust Company (Isle of Man) Limited (“FNTC”) is the trustee. Golden Hope Limited (“GHL”) acts
as trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust whose voting units are ultimately owned by FNTC as trustee of the discretionary
trust. GHL as trustee of the GHUT owns ordinary shares and warrants in the Company.

(2) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:

(a) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which
in turn owns 100% of the voting shares of KHR. KHR owns more than 20% of the voting shares of the Company which owns these ordinary shares in GENM.
As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENM held by the Company as it is entitled to exercise
or control the exercise of not less than 20% of the votes attached to the voting shares in the Company. PMSB as trustee of the discretionary trust is also
deemed interested in the ordinary shares of GENM held by KHR by virtue of its controlling interest in KHR; and
(b) beneficiaries of a discretionary trust of which FNTC is the trustee. GHL acts as trustee of the GHUT, a private unit trust whose voting units are ultimately
owned by FNTC as trustee of the discretionary trust. GHL as trustee of the GHUT owns ordinary shares in GENM.

(3) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as
trustee of the discretionary trust owns 100% of the voting shares of KHI which in turn owns 100% of the voting shares in KHR. KHR owns more than 20% of
the voting shares of the Company which owns these ordinary shares and warrants in GENP. As such, PMSB as trustee of the discretionary trust is deemed
interested in the ordinary shares and warrants of GENP held by the Company as it is entitled to exercise or control the exercise of not less than 20% of the
votes attached to the voting shares in the Company.

(4) Deemed interest in accordance with the Singapore Securities and Futures Act (Cap 289) on account of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being
beneficiaries of a discretionary trust of which PMSB is the trustee.

PMSB as trustee of the discretionary trust is deemed interested in the shares of GENS held by KHR and Genting Overseas Holdings Limited, a wholly owned
subsidiary of the Company. KHR controls more than 20% of the voting share capital of the Company.

(5) The following disclosures are made pursuant to Section 59(11)(c) of the Companies Act 2016:

(a) Dato’ Dr. R. Thillainathan’s spouse and children collectively hold 623,000 ordinary shares (0.0163%) and 138,750 warrants (0.0221%) in the Company.
(b) Dato’ Dr. R. Thillainathan’s spouse holds 10,000 ordinary shares (0.0012%) and 2,000 warrants (0.0021%) in GENP.

Other Information

Material Contracts

Material contracts of the Company and its subsidiaries involving Directors and major shareholders either subsisting at the
end of the financial year ended 31 December 2017, or entered into since the end of the previous financial year are disclosed in
Note 44 to the financial statements under “Significant Related Party Transactions and Balances” on pages 173 to 176 of this
Annual Report.

GENTING BERHAD | ANNUAL REPORT 2017

 REQUIREMENTS OF NEVADA GAMING REGULATIONS ON 211
GENTING BERHAD AND ITS SHAREHOLDERS

Genting Berhad is registered with the Nevada Gaming Commission (“NGC”) as a publicly traded corporation and certain of its
subsidiaries/associates have been licensed as intermediary companies or a manufacturer/distributor. As such, Genting Berhad
is subject to the Nevada Gaming Control Act, the regulations promulgated thereunder, and the licensing and regulatory control
of the Nevada Gaming Control Board (“Nevada Board”) and the NGC.

The NGC may require anyone having a material relationship or involvement with Genting Berhad to be found suitable or licensed.
Any person who acquires more than 5% of any class of our voting securities must report, within 10 days, the acquisition to the
NGC. Any person who becomes a beneficial owner of more than 10% of any class of our voting securities is required to apply
for a finding of suitability within 30 days after the Nevada Board Chair mails written notice. Under certain circumstances, an
“Institutional Investor,” as defined in the NGC’s regulations, that acquires more than 10% but not more than 25% of any class of
our voting securities, may apply to the NGC for a waiver of the requirements for a finding of suitability. Information of the NGC
and Nevada Board is available at their website http://gaming.nv.gov/.

The NGC may also, in its discretion, require any other holders of Genting Berhad’s equity securities or debt securities to file
applications, be investigated, and be found suitable to own Genting Berhad’s equity or debt securities. The applicant security
holder is required to pay all costs of such investigation.

Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being directed to do so by the
NGC may be found unsuitable based solely on such failure or refusal. The same restrictions apply to a record owner of Genting
Berhad’s equity or debt securities if the record owner, when requested, fails to identify the beneficial owner. Any security holder
found unsuitable and who holds, directly or indirectly, any record or beneficial ownership of the equity or debt security beyond
such period of time prescribed by the NGC may be in violation of the Nevada law.

Any change in control of Genting Berhad through merger, consolidation, acquisition of assets, management or consulting
agreements, or any form of takeover cannot occur without prior investigation by the Nevada Board and approval by the NGC.

ANNUAL REPORT 2017 | GENTING BERHAD

212 NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Fiftieth Annual General Meeting of Genting Berhad (“the Company”) will be held at 26th
Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia on Wednesday, 6 June 2018 at 10.00 a.m.

AS ORDINARY BUSINESSES

1. To lay before the meeting the Audited Financial Statements for the financial year ended 31
December 2017 and the Directors’ and Auditors’ Reports thereon. (Please see Explanatory Note A)

2. To approve the declaration of a final single-tier dividend of 6.0 sen per ordinary share for the
financial year ended 31 December 2017 to be paid on 2 July 2018 to members registered in the
Record of Depositors on 11 June 2018. (Ordinary Resolution 1)

3. To approve the payment of Directors’ fees of RM1,008,622 and benefits-in-kind of RM19,225 for
the financial year ended 31 December 2017. (Please see Explanatory Note B on benefits-in-kind) (Ordinary Resolution 2)

4. To approve the payment of Directors’ benefits-in-kind for the period from 1 January 2018 until the
next annual general meeting of the Company in 2019. (Please see Explanatory Note B) (Ordinary Resolution 3)

5. To re-elect Tan Sri Lim Kok Thay as a Director of the Company pursuant to Paragraph 99 of the
Company’s Constitution. (Ordinary Resolution 4)

6. To re-elect the following persons as Directors of the Company pursuant to Paragraph 104 of the
Company’s Constitution:

(i) Tun Mohammed Hanif bin Omar (Ordinary Resolution 5)

(ii) Dato’ Dr. R. Thillainathan (Please see Explanatory Note C) (Ordinary Resolution 6)
(iii) Tan Sri Dr. Lin See Yan (Please see Explanatory Note C) (Ordinary Resolution 7)
(iv) Tan Sri Foong Cheng Yuen (Please see Explanatory Note C) (Ordinary Resolution 8)
(v) Madam Koid Swee Lian (Please see Explanatory Note C) (Ordinary Resolution 9)

7. To re-appoint PricewaterhouseCoopers PLT as Auditors of the Company and to authorise the

Directors to fix their remuneration. (Ordinary Resolution 10)

AS SPECIAL BUSINESSES

To consider and, if thought fit, pass the following Ordinary Resolutions:

8. Authority to Directors pursuant to Sections 75 and 76 of the Companies Act 2016

“That, subject always to the Companies Act 2016, the Company’s Constitution, the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad (“MMLR”) and the approval of any
relevant governmental and/or regulatory authorities, where such approval is required, the
Directors be and are hereby authorised and empowered pursuant to Sections 75 and 76 of the
Companies Act 2016 to:

(1) allot shares in the Company; and/or

(2) grant rights to subscribe for shares in the Company; and/or
(3) convert any security into shares in the Company; and/or
(4) allot shares under an agreement or option or offer,

at any time and from time to time and upon such terms and conditions and for such purposes
as the Directors may, in their absolute discretion deem fit, provided it does not exceed 10% of
the total number of issued shares of the Company as prescribed by the MMLR at the time of
issuance of shares and such authority under this resolution shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company or when it is required by law to
be held, whichever is earlier, and that:

(a) approval and authority be and are given to the Directors of the Company to take all such
actions that may be necessary and/or desirable to give effect to this resolution and in
connection therewith to enter into and execute on behalf of the Company any instrument,
agreement and/or arrangement with any person, and in all cases with full power to assent
to any condition, modification, variation and/or amendment (if any) in connection therewith;
and

(b) the Directors of the Company be and are also empowered to obtain the approval for the
listing of and quotation for the additional shares so issued on Bursa Malaysia Securities
Berhad.” (Ordinary Resolution 11)

GENTING BERHAD | ANNUAL REPORT 2017

 NOTICE OF ANNUAL GENERAL MEETING (cont’d) 213

AS SPECIAL BUSINESSES (cont’d)

9. Proposed renewal of the authority for the Company to purchase its own shares

“That, subject to the compliance with all applicable laws, the Companies Act 2016, the Company’s
Constitution, and the regulations and guidelines applied from time to time by Bursa Malaysia
Securities Berhad (“Bursa Securities”) and/or any other relevant regulatory authority:

(a) approval and authority be and are given for the Company to utilise up to the total retained
earnings of the Company, based on its latest audited financial statements available up to the
date of the transaction, to purchase, from time to time during the validity of the approval
and authority under this resolution, such number of ordinary shares in the Company (as may
be determined by the Directors of the Company) on Bursa Securities upon such terms and
conditions as the Directors of the Company may deem fit and expedient in the interests of
the Company, provided that:

(i) the aggregate number of shares to be purchased and/or held by the Company pursuant
to this resolution does not exceed 4% of the total number of issued shares of the
Company at the time of purchase; and

(ii) in the event that the Company ceases to hold all or any part of such shares as a result
of (among others) cancellations, re-sales and/or distributions of any of these shares
so purchased, the Company shall be entitled to further purchase and/or hold such
additional number of shares as shall (in aggregate with the shares then still held by the
Company) not exceed 4% of the total number of issued shares of the Company at the
time of purchase,

and based on the audited financial statements of the Company for the financial year ended
31 December 2017, the balance of the Company’s retained earnings was approximately
RM9,761.5 million;

(b) the approval and authority conferred by this resolution shall commence on the passing of
this resolution, and shall remain valid and in full force and effect until:

(i) the conclusion of the next Annual General Meeting of the Company;
(ii) the expiry of the period within which the next Annual General Meeting is required by law
to be held; or
(iii) the same is revoked or varied by an ordinary resolution of the shareholders of the
Company in a general meeting,

whichever occurs first;

(c) approval and authority be and are given to the Directors of the Company, in their absolute
discretion:

(i) to deal with the shares so purchased in the following manner:

(A) to cancel such shares;

(B) to retain such shares as treasury shares;
(C) to retain part of such shares as treasury shares and cancel the remainder of such
shares; and/or
(D) in any other manner as may be prescribed by applicable law and/or the regulations
and guidelines applied from time to time by Bursa Securities and/or any other
relevant authority for the time being in force,

and such authority to deal with such shares shall continue to be valid until all such
shares have been dealt with by the Directors of the Company; and

ANNUAL REPORT 2017 | GENTING BERHAD

214 NOTICE OF ANNUAL GENERAL MEETING (cont’d)

AS SPECIAL BUSINESSES (cont’d)

9. Proposed renewal of the authority for the Company to purchase its own shares (cont’d)

(ii) to deal with the existing treasury shares of the Company in the following manner:

(A) to cancel all or part of such shares;

(B) to distribute all or part of such shares as dividends to shareholders;
(C) to resell all or part of such shares on Bursa Securities in accordance with the
relevant rules of Bursa Securities;
(D) to transfer all or part of such shares for the purposes of or under an employees’
share scheme;
(E) to transfer all or part of such shares as purchase consideration; and/or
(F) in any other manner as may be prescribed by applicable law and/or the regulations
and guidelines applied from time to time by Bursa Securities and/or any other
relevant authority for the time being in force,

and such authority to deal with such shares shall continue to be valid until all such
shares have been dealt with by the Directors of the Company; and

(d) approval and authority be and are given to the Directors of the Company to take all such
actions that may be necessary and/or desirable to give effect to this resolution and, in
connection therewith:

(i) to enter into and execute on behalf of the Company any instrument, agreement and/or
arrangement with any person, and in all cases with full power to assent to any condition,
modification, variation and/or amendment (if any) as may be imposed by any relevant
regulatory authority or Bursa Securities, and/or as may be required in the best interest
of the Company; and/or

(ii) to do all such acts and things as the Directors may deem fit and expedient in the best
interest of the Company.” (Ordinary Resolution 12)

10. Proposed renewal of shareholders’ mandate for recurrent related party transactions of a
revenue or trading nature

“That approval and authority be and are hereby given for the Company and/or its unlisted
subsidiaries to enter into any of the transactions falling within the types of recurrent related party
transactions of a revenue or trading nature with the related parties (“Proposed Shareholders’
Mandate”) as set out in Section 2.3 of the Circular to Shareholders in relation to the Proposed
Shareholders’ Mandate provided that such transactions are undertaken in the ordinary course of
business, at arm’s length and based on commercial terms and on terms not more favourable to
the related party than those generally available to/from the public and are not, in the Company’s
opinion, detrimental to the minority shareholders and that the breakdown of the aggregate value
of the recurrent related party transactions conducted/to be conducted during the financial year,
including the types of recurrent related party transactions made and the names of the related
parties, will be disclosed in the annual report of the Company pursuant to the requirements of
the Main Market Listing Requirements of Bursa Malaysia Securities Berhad;

and such approval shall continue to be in force until:

(i) the conclusion of the next Annual General Meeting (“AGM”) of the Company following this
AGM at which such Proposed Shareholders’ Mandate is passed, at which time it will lapse,
unless by a resolution passed at the meeting, the authority is renewed;

(ii) the expiration of the period within which the next AGM of the Company after that date is
required to be held pursuant to Section 340(2) of the Companies Act 2016 (but shall not
extend to such extension as may be allowed pursuant to Section 340(4) of the Companies
Act 2016); or

(iii) revoked or varied by an ordinary resolution passed by the shareholders of the Company in a
general meeting,

whichever is earlier.” (Ordinary Resolution 13)

GENTING BERHAD | ANNUAL REPORT 2017

 NOTICE OF ANNUAL GENERAL MEETING (cont’d) 215

AS SPECIAL BUSINESSES (cont’d)

11. To transact any other business of which due notice shall have been given.

FURTHER NOTICE IS HEREBY GIVEN that, subject to the shareholders’ approval for the payment of final single-tier dividend,
a depositor shall qualify for entitlement to the final single-tier dividend only in respect of:

(a) shares transferred into the depositor’s securities account before 4.00 p.m. on 11 June 2018 in respect of ordinary transfers;
and

(b) shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia
Securities Berhad.

By Order of the Board

LOH BEE HONG

MAICSA 7001361
Secretary

Kuala Lumpur
9 April 2018

Notes

1. Pursuant to Section 334 of the Companies Act 2016, a member shall be entitled to appoint another person as his proxy to exercise all or any of
his rights to attend, participate, speak and vote instead of him. Where a member appoints more than one proxy, the appointments shall be invalid
unless he specifies the proportions of his shareholding to be represented by each proxy.

2. If a member has appointed a proxy to attend this meeting and subsequently he attends the meeting in person, the appointment of such proxy shall
be null and void, and his proxy shall not be entitled to attend this meeting.

3. A proxy need not be a member of the Company. There shall be no restriction as to the qualifications of the proxy.

4. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple beneficial owners
in one (1) securities account (“Omnibus Account”), there is no limit to the number of proxies which the exempt authorised nominee may appoint
in respect of each Omnibus Account it holds. The appointment of two (2) or more proxies in respect of any particular Omnibus Account shall be
invalid unless the exempt authorised nominee specifies the proportion of its shareholdings to be represented by each proxy. An exempt authorised
nominee refers to an authorised nominee defined under the Securities Industry (Central Depositories) Act 1991 (“SICDA”) which is exempted from
compliance with the provisions of subsection 25A(1) of SICDA.

5. In the case of a corporation, the proxy form must be either under seal or signed by a duly authorised officer or attorney.

6. The original signed instrument appointing a proxy or the power of attorney or other authority, if any, under which it is signed or a notarially certified
copy of that power or authority must be deposited at the Registered Office of the Company at 24th Floor, Wisma Genting, Jalan Sultan Ismail,
50250 Kuala Lumpur not less than 48 hours before the time appointed for holding the meeting or at any adjournment thereof.

7. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the Notice
of Fiftieth Annual General Meeting will be put to vote by poll.

8. For the purpose of determining members who shall be entitled to attend the Annual General Meeting, the Company shall be requesting Bursa
Malaysia Depository Sdn Bhd to issue a Record of Depositors as at 30 May 2018. Only depositors whose names appear on the Record of Depositors
as at 30 May 2018 shall be entitled to attend the said meeting or appoint proxies to attend and vote on their behalf.

Explanatory Note A

This Agenda is meant for discussion only as under the provision of Section 340(1)(a) of the Companies Act 2016, the audited financial statements do not
require formal approval of the shareholders. Hence, this matter will not be put forward for voting.

Explanatory Note B

Pursuant to Section 230(1) of the Companies Act 2016:

(i) Resolution 2 on the payment of Directors’ benefits-in-kind of RM19,225 for the financial year ended 31 December 2017 comprised tele-
communication facilities and car parking charges; and
(ii) Resolution 3 on the payment of Directors’ benefits-in-kind for the period from 1 January 2018 until the next annual general meeting of the Company
in 2019 in the manner set out below:

(A) Meeting Allowance (per meeting) Chairman Member

• Audit and Risk Management Committee RM5,775 RM3,850
• Nomination Committee RM4,125 RM2,750
• Remuneration Committee RM4,125 RM2,750
(B) Other Benefits Non-Executive Directors
Tele-communication facilities, car parking and other reimbursable/claimable benefits-in-kind Up to RM50,000

ANNUAL REPORT 2017 | GENTING BERHAD

216 NOTICE OF ANNUAL GENERAL MEETING (cont’d)

In the event that the Directors’ benefits-in-kind payable to the Non-Executive Directors of the Company during the above period exceeded the estimated
amount sought at the forthcoming Fiftieth Annual General Meeting of the Company, shareholders’ approval will be sought at the next annual general
meeting for the additional amount to meet the shortfall.

Explanatory Note C

The Board has undertaken an annual assessment on the independence of all its Independent Directors including Dato’ Dr. R. Thillainathan,
Tan Sri Dr. Lin See Yan, Tan Sri Foong Cheng Yuen and Madam Koid Swee Lian who are seeking for re-election as Directors of the Company pursuant to the
Company’s Constitution at the forthcoming Fiftieth Annual General Meeting. The annual assessment has been disclosed in the Corporate Governance
Report which is made available at the Company’s website at www.genting.com.

Explanatory Notes on Special Businesses

1. Ordinary Resolution 11, if passed, will give a renewed mandate to the Directors of the Company pursuant to Sections 75 and 76 of the Companies
Act 2016 (“Renewed Mandate”) for such purposes as the Directors may deem fit and in the interest of the Company. The Renewed Mandate, unless
revoked or varied at a general meeting, will expire at the conclusion of the next Annual General Meeting of the Company.

As at the date of this Notice, the Directors have not utilised the mandate granted to the Directors at the last Annual General Meeting held on 1 June
2017 and the said mandate will lapse at the conclusion of the Fiftieth Annual General Meeting.

The Company is seeking the approval from shareholders on the Renewed Mandate for the purpose of possible fund raising exercise including but
not limited to placement of shares for purpose of funding future investment project(s), working capital and/or acquisitions and to avoid delay and
cost in convening general meetings to approve such issue of shares.

2. Ordinary Resolution 12, if passed, will empower the Directors of the Company to purchase the Company’s shares of an aggregate amount of up to 4%
of the total number of issued shares of the Company for the time being (“Proposed Share Buy-Back Renewal”) by utilising up to the total retained
earnings of the Company based on its latest audited financial statements up to the date of the purchase. The authority under this resolution will
expire at the conclusion of the next Annual General Meeting of the Company or the expiry of the period within which the next Annual General
Meeting is required by law to be held, or the same is revoked or varied by an ordinary resolution of the shareholders of the Company in a general
meeting, whichever occurs first.

Further information on the Proposed Share Buy-Back Renewal is set out in the Document to Shareholders dated 9 April 2018 which is despatched
together with the Company’s 2017 Annual Report.

3. Ordinary Resolution 13, if passed, will allow the Company and/or its unlisted subsidiaries to enter into recurrent related party transactions of a
revenue or trading nature pursuant to the provisions of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Proposed
Shareholders’ Mandate Renewal”). This authority will expire at the conclusion of the next Annual General Meeting of the Company or the expiry
of the period within which the next Annual General Meeting is required by law to be held, unless revoked or varied by an ordinary resolution of the
shareholders of the Company in a general meeting, whichever is earlier.

Further information on the Proposed Shareholders’ Mandate Renewal is set out in the Document to Shareholders dated 9 April 2018 which is
despatched together with the Company’s 2017 Annual Report.

STATEMENT ACCOMPANYING NOTICE OF

ANNUAL GENERAL MEETING
Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad

1. Details of individuals who are standing for election as Directors

No individual is seeking election as a Director at the forthcoming Fiftieth Annual General Meeting of the Company
(“50th AGM”).

2. Statement relating to general mandate for issue of securities in accordance with Paragraph 6.03(3) of the Main
Market Listing Requirements of Bursa Malaysia Securities Berhad

Details of the general mandate to issue securities in the Company pursuant to Sections 75 and 76 of the Companies Act
2016 are set out in Explanatory Note (1) of the Notice of 50th AGM.

GENTING BERHAD | ANNUAL REPORT 2017

 (7916-A)
(Incorporated in Malaysia)

FORM OF PROXY

(Before completing the form please refer to the notes overleaf)

I/We
(FULL NAME IN BLOCK CAPITALS)

NRIC No./Passport No./Co. No.:

of
(ADDRESS)

being a member of GENTING BERHAD hereby appoint

Name of Proxy NRIC No./Passport No. % of shareholding to be represented

(Full name) (Refer to Note 1)

Address

*and/or failing him/her,

Name of Proxy NRIC No./Passport No. % of shareholding to be represented

(Full name) (Refer to Note 1)

Address

or failing him/her, the *CHAIRMAN OF THE MEETING as *my/our proxy(ies) to attend and vote for me/us on my/our
behalf at the Fiftieth Annual General Meeting of the Company to be held at 26th Floor, Wisma Genting, Jalan Sultan Ismail,
50250 Kuala Lumpur, Malaysia on Wednesday, 6 June 2018 at 10.00 a.m. and at any adjournment thereof.

* Delete if inapplicable
My/our proxy(ies) shall vote as follows:

ORDINARY BUSINESS RESOLUTION For Against

To approve the declaration of a final single-tier dividend of 6.0 sen per Ordinary Resolution 1
ordinary share
To approve the payment of Directors’ fees and benefits-in-kind for the Ordinary Resolution 2
financial year ended 31 December 2017
To approve the payment of Directors’ benefits-in-kind for the period Ordinary Resolution 3
from 1 January 2018 until the next annual general meeting in 2019
To re-elect Tan Sri Lim Kok Thay as a Director pursuant to Paragraph Ordinary Resolution 4
99 of the Company’s Constitution
To re-elect the following Directors pursuant to Paragraph 104 of the
Company’s Constitution:

(i) Tun Mohammed Hanif bin Omar Ordinary Resolution 5

(ii) Dato’ Dr. R. Thillainathan Ordinary Resolution 6
(iii) Tan Sri Dr. Lin See Yan Ordinary Resolution 7
(iv) Tan Sri Foong Cheng Yuen Ordinary Resolution 8
(v) Madam Koid Swee Lian Ordinary Resolution 9
To re-appoint Auditors Ordinary Resolution 10
SPECIAL BUSINESS

To approve the authority to Directors pursuant to Sections 75 and 76 Ordinary Resolution 11

of the Companies Act 2016

To renew the authority for the Company to purchase its own shares Ordinary Resolution 12

To approve the proposed shareholders’ mandate renewal for recurrent Ordinary Resolution 13
related party transactions of a revenue or trading nature.

(Please indicate with an “X” or “√” in the spaces provided how you wish your votes to be cast. If you do not do so, the proxy/
proxies will vote or abstain from voting at his/her/their discretion.)

Signed this ______ day of __________________ 2018

No. of Shares held CDS Account No. Shareholder’s Contact No.

Signature of Member

NOTES

1. Pursuant to Section 334 of the Companies Act, 2016, a member shall be entitled to appoint another person as his proxy to exercise all or any of his
rights to attend, participate, speak and vote instead of him. Where a member appoints more than one proxy, the appointments shall be invalid unless
he specifies the proportions of his shareholding to be represented by each proxy.

2. If a member has appointed a proxy to attend this meeting and subsequently he attends the meeting in person, the appointment of such proxy shall be
null and void, and his proxy shall not be entitled to attend this meeting.

3. A proxy need not be a member of the Company. There shall be no restriction as to the qualifications of the proxy.

4. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple beneficial owners in one
(1) securities account (“Omnibus Account”), there is no limit to the number of proxies which the exempt authorised nominee may appoint in respect of
each Omnibus Account it holds. The appointment of two (2) or more proxies in respect of any particular Omnibus Account shall be invalid unless the
exempt authorised nominee specifies the proportion of its shareholdings to be represented by each proxy. An exempt authorised nominee refers to
an authorised nominee defined under the Securities Industry (Central Depositories) Act 1991 (“SICDA”) which is exempted from compliance with the
provisions of subsection 25A(1) of SICDA.

5. In the case of a corporation, the proxy form must be either under seal or signed by a duly authorised officer or attorney.

6. The original signed instrument appointing a proxy or the power of attorney or other authority, if any, under which it is signed or a notarially certified
copy of that power or authority must be deposited at the Registered Office of the Company at 24th Floor, Wisma Genting, Jalan Sultan Ismail,
50250 Kuala Lumpur not less than 48 hours before the time appointed for holding the meeting or at any adjournment thereof.

7. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the Notice of
Fiftieth Annual General Meeting will be put to vote by poll.

8. For the purpose of determining members who shall be entitled to attend the Annual General Meeting, the Company shall be requesting Bursa Malaysia
Depository Sdn Bhd to issue a Record of Depositors as at 30 May 2018. Only depositors whose names appear on the Record of Depositors as at 30 May
2018 shall be entitled to attend the said meeting or appoint proxies to attend and vote on their behalf.
GROUP OFFICES
GENTING BERHAD
CORPORATE OFFICES
GENTING BERHAD - GROUP HEAD OFFICE
www.genting.com
24th Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2288 / 2333 2288
F : +603 2161 5304
E : info@genting.com
LEISURE & HOSPITALITY DIVISION
Genting Malaysia Berhad
www.gentingmalaysia.com
Resorts World Genting
www.rwgenting.com
Resorts World Kijal
www.rwkijal.com
Resorts World Langkawi
www.rwlangkawi.com
23rd Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2233 / 2333 2233
F : +603 2161 5304
E : ir.genm@genting.com
Genting UK PLC
www.genting.co.uk
Genting Club Star City
Watson Road, Birmingham
B7 5SA, United Kingdom
T : +44 121 325 7760
F : +44 121 325 7761
Genting New York, LLC
www.rwnewyork.com
110-00 Rockaway Blvd.
Jamaica, NY 11420, USA
T : +1 888 888 8801 / +1 718 215 2828
F : +1 646 588 1053
Resorts World Bimini
www.rwbimini.com
1501 Biscayne
Suite 500
Miami, FL 33132
T : +1 305 374 6664
Genting Singapore PLC
www.gentingsingapore.com
10 Sentosa Gateway
Resorts World Sentosa
Singapore 098270
T : +65 6577 8888
F : +65 6577 8890
Resorts World at Sentosa Pte Ltd
www.rwsentosa.com
8 Sentosa Gateway
Resorts World Sentosa
Singapore 098269
T : +65 6577 8888
F : +65 6577 8890
E: enquiries@rwsentosa.com
RW Tech Labs Sdn Bhd
2nd Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2288 / 2333 2288
F : +603 2333 6368
PLANTATION DIVISION
Genting Plantations Berhad
www.gentingplantations.com
10th Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2255 / 2333 2255
F : +603 2161 6149
E : gpbinfo@genting.com
PROPERTY DIVISION
Genting Property Sdn Bhd
www.gentingplantations.com
3rd Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2255 / 2333 2255
F : +603 2164 1218
E : gpbinfo@genting.com
BIOTECHNOLOGY DIVISION
ACGT Sdn Bhd
Genting Agtech Sdn Bhd
10th Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2333 2255
F : +603 2161 6149
E : info@acgt.com
ENERGY DIVISION
www.gentingenergy.com
Genting Power Holdings Limited
22nd Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2211 / 2333 2211
F : +603 2162 4032
E : enquiry@gentingenergy.com
Genting Oil & Gas Limited
Genting Oil & Gas Sdn Bhd
22nd Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2211 / 2333 2211
F : +603 2163 5187
E : enquiry@gentingenergy.com
GROUP OFFICES
GENTING BERHAD

LEISURE & HOSPITALITY DIVISION

RESORTS Resorts World Birmingham
Pendigo Way,
Resorts World Genting Birmingham
Genting Highlands B40 1PU,
69000 Pahang Darul Makmur, Malaysia United Kingdom
T : +603 6101 1118 T : +44 121 213 6327
F : +603 6101 1888 E : enquiries@resortsworldbirmingham.co.uk
E : customercare@rwgenting.com
SALES & RESERVATIONS OFFICES
Resorts World Sentosa
8 Sentosa Gateway, WorldReservations Centre (WRC)~*
Resorts World Sentosa 17th Floor, Wisma Genting
Singapore 098269 Jalan Sultan Ismail
T : +65 6577 8888 50250 Kuala Lumpur, Malaysia
F : +65 6577 8890 T : +603 2718 1118
E : enquiries@rwsentosa.com F : +603 2718 1888
Reservations E-mail:
Resorts World Manila customercare@rwgenting.com
10F NECC Building, Newport Boulevard, Newport City Membership E-mail:
Pasay 1309, Metro Manila, Philippines hotline@gentingrewards.com.my
T : +632 908 8000 Book online at www.rwgenting.com
F : +632 908 8273
E : customerservice@rwmanila.com Meetings, Incentives,
Conventions & Exhibitions (M.I.C.E.)~
Awana Hotel 23rd Floor, Wisma Genting
KM 13, Genting Highlands Jalan Sultan Ismail
69000 Pahang, Malaysia 50250 Kuala Lumpur, Malaysia
T : +603 6436 9000 T : +603 2301 6686
F : +603 6101 3535 F : +603 2333 3886
E : imice@rwgenting.com
Resorts World Kijal mice.rwgenting.com
KM 28, Jalan Kemaman-Dungun
24100 Kijal, Kemaman Malaysia - Kuala Lumpur *
Terengganu, Malaysia Resorts World Tours Sdn Bhd~
T : +609 864 1188 Resorts World OneHub~*
F : +609 864 1688 Lower Ground Floor, Wisma Genting
Jalan Sultan Ismail
Resorts World Langkawi 50250 Kuala Lumpur, Malaysia
Tanjung Malai, T : +603 2718 1118
07000 Langkawi F : +603 2718 1888
Kedah, Malaysia Reservations E-mail:
T : +604 955 5111 customercare@rwgenting.com
F : +604 955 5222 Membership E-mail:
hotline@gentingrewards.com.my
Resorts World Casino New York City Book online at www.rwgenting.com
110-00 Rockaway Blvd.
Jamaica, NY 11420, USA Genting International Sdn Bhd ^*
T : +1 888 888 8801/ +1 718 215 2828 12th Floor, Wisma Genting
E : info@rwnewyork.com Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
Resorts World Bimini T : +603 2333 3285
North Bimini F : +603 2164 8323
Commonwealth of the Bahamas
T : +1 888 930 8688 Malaysia - Ipoh *
11, Ground Floor~*
Persiaran Greentown 8
Greentown Business Centre
30450 Ipoh,
Perak, Malaysia
T : +605 243 2988
F : +605 243 6988
* Sales Office # Representative Office
~ Resorts World Genting/ Genting Malaysia ^Resorts World Sentosa/ Genting Singapore
GROUP OFFICES
GENTING BERHAD

LEISURE & HOSPITALITY DIVISION (cont’d)

Malaysia - Johor Bahru * Maxims Gold Club
1F - Ground Floor~* Resorts World Genting
Jalan Maju, Taman Maju Jaya Genting Highlands Resort
80400 Johor Bahru 69000 Pahang, Malaysia
Johor, Malaysia T : +603 2718 1188
T : +607 334 4555 F : +603 2333 3888
F : +607 334 4666
Genting Alderney Limited
Genting International Sdn Bhd ^* Turing House
No.92, Jalan Sutera Tanjung 8/3 Gibauderie
Taman Sutera Utama St Peter Port
81300 Skudai GY1 1XN
Johor Darul Takzim, Malaysia Guernsey
T : +607 554 9888 Channel Islands
F : +607 558 9733 T : +44 01481 720 706
www.gentingcasino.com
Malaysia - Kuching *
No.2, Ground Floor, Block A~* Resorts World OneHub~*
Wisma Nation Horizon Lower Ground Floor, Wisma Genting
Jalan Petanak, 93100 Kuching Jalan Sultan Ismail
Sarawak, Malaysia 50250 Kuala Lumpur, Malaysia
T : +6082 412 522 ~ T : +603 2333 3256 / 3210 (MICE Division)
F : +6082 412 022 ~ +603 2333 3214 / 6663 / 6664 / 6702 (Airline Ticketing)
+603 2333 6303 / 6504 / 6704 / 3254 (Tours Dept)
Malaysia - Penang * F : +603 2333 6995
Unit 113, 1st Floor, Penang Plaza~* E : resorts.world.tour@rwgenting.com
126 Jalan Burmah
10050 Penang, Malaysia Limousine Service Counter (KLIA Sepang)
T : +604 228 2288 Lot MTBAP S1
F : +604 228 7299 Arrival Hall, Level 3,
Main Terminal Building,
OTHER SERVICES KL International Airport
64000 KLIA Sepang
Casino De Genting Selangor, Malaysia
Resorts World Genting T : +603 8776 6753 / 8787 4451
Genting Highlands Resort F : +603 8787 3873
69000 Pahang, Malaysia
Membership Hotline: Limousine Service Counter (KLIA 2)
T: +603 6105 2028 L2-130,
Casino Programmes: Terminal KLIA 2,
F : +603 2333 3888 KL International Airport,
64000 KLIA Sepang
Genting Club Selangor, Malaysia
Resorts World Genting T : +603 8787 1767
Genting Highlands Resort
69000 Pahang, Malaysia Limousine Service Counter
T : +603 6105 9009 Resorts World Genting
F : +603 6105 9388 Genting Highlands Resort
69000 Pahang, Malaysia
Maxims Platinum Club T : +603 6105 9584
Resorts World Genting F : +603 6105 2187
Genting Highlands Resort
69000 Pahang, Malaysia Genting Transport Reservations Centre
T : +603 2718 1199 (For buses and limousines)
F : +603 6105 9399 Lot 1988
Jalan Segambut Tengah
51200 Kuala Lumpur, Malaysia
T : +603 6251 8398 / 6253 1762
F : +603 6251 8399

* Sales Office # Representative Office

~ Resorts World Genting/ Genting Malaysia ^Resorts World Sentosa/ Genting Singapore
GROUP OFFICES
GENTING BERHAD

LEISURE & HOSPITALITY DIVISION (cont’d)

OVERSEAS SALES / BRANCH / REPRESENTATIVE /
WORLDCARD OFFICES

Hong Kong* China – Chengdu #

Golden Site Limited ~ * Adriana Limited ^#
GSHK Capital Limited ^* Level 18
Suite 1001, Ocean Centre The Office Tower Shangri-La Centre
5 Canton Road, Tsimshatsui No. 9 Bin Jiang (East) Road
Kowloon, Hong Kong S.A.R. Chengdu 610021, China
T : +852 2317 7133~ / 2377 4680^ T : +86 28 6606 5041
F : +852 2314 8724 F : +86 28 6606 5042

Japan* China – Guangzhou #

Genting International Japan Co., Ltd.^* Unit No. 735-36, The Garden Tower ^#
Marunouchi Eiraku Building 22F No. 368 Huan Shi Dong Road
#2201, 1-4-1 Marunouchi Guangzhou 510064, China
Chiyoda-ku, Tokyo 100-0005, Japan T : +86 20 8365 2980
T: +81 3 6273 4066 F : +86 20 8365 2981
F: +81 3 6273 4067
China – Shanghai #
Singapore* Adriana Limited ^#
Golden Site Pte Ltd ~ * Shanghai Representative Office
60 Paya Lebar Road Room 407, No. 318 Fuzhou Road
Paya Lebar Square, #08-18 Cross Tower
Singapore 409051 Shanghai 200001, China
T : +65 6823 9888 T : +86 21 6323 0637 / 0639
F : +65 6822 7282 F : +86 21 6323 0638

India # Genting Rewards

Resorts World Travel Services Private Limited ~^# Genting WorldCard Services Sdn Bhd
B-003, Knox Plaza, Off Link Road 12th Floor, Wisma Genting
Chincholi Bunder, Malad West Jalan Sultan Ismail
Mumbai 400064, India 50250 Kuala Lumpur, Malaysia
F : +603 2333 6611
China E : hotline@gentingrewards.com.my
Widuri Pelangi Sdn Bhd ~# www.gentingrewards.com.my
Shanghai Representative Office
RM 1609 Resorts World Inc Pte Ltd
Jintiandi International Mansion 9 Penang Road
998 Renmin Road #13-10 Park Mall
Huangpu District Singapore 238459
Shanghai 200021, China T : +65 6720 0888
T : +86 21 6326 3866 / 6326 3626 F : +65 6720 0866
F : +86 21 6326 3727 www.resortsworld.com

China – Beijing #
Office C703, Beijing Lufthansa Center ^#
No 50, Liangmaqiao Road
Chaoyang District
Beijing 100125, China
T : +86 10 6468 9705
F : +86 10 6468 9706

* Sales Office # Representative Office

~ Resorts World Genting/ Genting Malaysia ^Resorts World Sentosa/ Genting Singapore
GROUP OFFICES
GENTING BERHAD
PLANTATION DIVISION
Regional Office
Genting Plantations Office, Sabah
Wisma Genting Plantations
KM 12, Labuk Road
90000 Sandakan
Sabah, Malaysia
T : +089 672 787 / 672 767
F : +089 673 976
PT Genting Plantations Nusantara
DBS Tower 15th Floor
Ciputra World 1
Jl. Prof. Dr. Satrio Kav. 3-5
Jakarta 12940, Indonesia
T: +62 21 2988 7600
F: +62 21 2988 7601
PROPERTY DIVISION
Gentinggi Sdn Bhd
Resorts Facilities Services Sdn Bhd
8A Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2233 / 2333 2233
F : +603 2164 7480
Property Sales
- Awana Condominium
- Ria Apartments
- Kayangan Apartments
Enquiries:
T : +603 2178 2233 / 2333 2233
F : +603 2164 7480
Kijal Resort Sdn Bhd (Sales Office)
- Angsana Apartments
- Baiduri Apartments
8 Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2233 / 2333 2233
F : +603 2164 7480
Projek Bandar Pelancongan
Pantai Kijal
KM 28, Jalan Kemaman-Dungun
24100 Kijal, Kemaman
Terengganu, Malaysia
T : +609 864 9261
F : +609 864 9260
Genting Indahpura Sales Office ENERGY DIVISION
1213-1215, Jalan Kasturi 36/45
Indahpura, 81000 Kulaijaya Malaysia
Johor, Malaysia Genting Bio-Oil Sdn Bhd
T : +607 662 4652 c/o Genting Oil Mill Sdn Bhd
F : +607 662 4655 Batu 54, Jalan Johor
86100 Ayer Hitam
Genting Pura Kencana Sales Office Johor Darul Takzim, Malaysia
No. 1, Jalan Sisiran Pura Kencana 1A/1 T : +607 763 3312
Taman Pura Kencana F : +607 758 3209
83300 Sri Gading
Batu Pahat China
Johor, Malaysia Genting Power China Limited
T : +607 455 8181 Room 1611, 16th Floor
F : +607 455 7171 Silver Tower, No 2 Dong San Huan Bei Lu
Chaoyang District
Johor Premium Outlets® Beijing 100027, P.R. China
www.premiumoutlets.com.my T : +86 10 8440 0908
Jalan Premium Outlets F : +86 10 8440 0907
Indahpura
81000 Kulai Fujian Pacific Electric Company
Johor Darul Takzim, Malaysia Limited
T : +607 661 8888 Meizhou Wan Power Plant
F : +607 661 8810 Talin Village, Dongpu Town
Xiuyu District, Putian City
Genting Highlands Premium Outlets® Fujian 351153, P.R. China
www.premiumoutlets.com.my T : +86 594 591 6880
KM13, F : +86 594 590 1930
Genting Highlands Resorts,
69000 Genting Highlands, India
Pahang Darul Makmur. Genting Lanco Power (India) Pte Ltd
T : +603 6433 8888 Lanco Kondapalli Power Plant
F : +603 6433 8810 Kondapalli IDA, 521 228
Ibrahimpatnam Mandal
BIOTECHNOLOGY DIVISION Krishna District, Andhra Pradesh, India
T : +91 866 2872807 / 2872808 /
ACGT Sdn Bhd 2871311
ACGT Laboratories F : +91 866 2872806
L3-I-1 Enterprise 4
Technology Park Malaysia Indonesia
Lebuhraya Puchong-Sg Besi, Bukit Jalil Genting Oil Kasuri Pte Ltd
57000 Kuala Lumpur, Malaysia DBS Bank Tower, 16th Floor
T : +603 8996 9888 Ciputra World 1
F : +603 8996 3388 Jl. Prof. Dr Satrio Kav 3-5
Jakarta 12940, Indonesia
The Gasoline TreeTM Experimental T : +62 21 2988 7700
Research Station F : +62 21 2988 7701
Jalan Kuarters-KLIA
43900 Sepang PT. Lestari Banten Energi
Selangor, Malaysia Ciputra World 1, DBS Tower 13th Floor
T : +6019 286 8856 Jl. Prof. Dr Satrio Kav 3-5
Jakarta 12940, Indonesia
T : +62 21 2988 7500
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 55
GENTING PREMIER BRANDS

GENTIN G SE N T OSA NEW YORK LAS VEG AS* BIRMING HAM

MALA YSI A SIN GA P OR E USA USA UK

KIJA L L A N GKAWI BIMINI MANILA

M A L A Y S IA M A L A Y SIA BAHAMAS PHILIPPINES

* Co ming Soon

RE S O RT S W O RLD GEN T IN G, M A LA Y S IA

C lu b s , S u ite s , Pentho us es , H o tel s and Res i dences

GENTING UK

Genting Plantations Berhad Genting Property Sdn. Bhd. ACGT Sdn. Bhd. Genting Agtech Sdn. Bhd.

ANNUAL REPORT 2017 | GENTING BERHAD

56

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GENTING BERHAD | ANNUAL REPORT 2017